I'm going to show you how to pay off your debt way faster and how to save thousands of dollars in the process.

I'm going to show you how to pay off your debt way faster and how to save thousands of dollars in the process. And it's going to give your credit score a really nice boost. This is the balance, interest rate, and minimum payment that we're going to be working with. First, let's go over the way that most people pay their debt, and I'm going to show you why you do not want to do this. Let's break down where your money is actually going out of your minimum payment. So with a 28% interest rate, 196 out of that 281 is going straight to interest. That is literally going to the bank's pocket. Only 84 out of that 281 you spend a month is actually going towards your balance. Banks do not want you to pay off your debt because the longer you're paying them monthly minimum, the longer you're paying them this interest. So they usually screw you over by setting a super high interest rate, which interest rates right now are criminal. And then they also set your minimum payment so low that you're barely attacking your balance, which keeps you in debt for a really long time. As you can see here, it's going to take you 53 months to pay that off or 4.4 years. Over that time, you're going to be paying $6,231 total in just interest. That's money that's just going straight to the bank's pocket. Overall repaid by the time you are out of debt would be $14,660. Now I'm going to show you how to pay this off quicker and save a lot of money in the process. You're still going to do your minimum payment, but you're going to incorporate micro payments. This is going to tackle that daily compounding interest. It's going to cut your interest down and the life of your loan. You can do micro payments with just your monthly minimum, but I recommend try to put some sort each week additional towards your payment. This is going to help chip away at that principal even faster. Even something as low as $25 additional a week is going to have a massive impact. Take your 281 minimum plus 25 a week, which is 100 extra a month, and you're going to get 381 a month that you're going to break down into weekly micro payments. 381 divided by 4, 95.25, your weekly micro payments. Have this loan paid off in 32 months or 2.6 years. Your interest overall will only have been 3,564 and your overall repaid will only be 11,993. You're going to be debt free 21 months faster and you're going to save a total of $2,666 doing it this way. This is the exact method I used to pay off $30,000 worth of credit card debt in a fraction of the time and saved me so much money in the process. This method ensures that more of your money is actually going towards the balance of your loan and not just to the bank's pockets.