Day 41 of 90 · STRENGTHEN · Week 6: Understand Your Debt
0 of 90 days completed
Minimum Payments Explained
See what minimums do and do not accomplish.
About 5 minutes
Learn
A minimum payment is calculated to keep the account current, not to clear it quickly.
On revolving debt, paying only the minimum can extend repayment for years and multiply the total interest paid.
Anything above the minimum generally reduces principal — which is where progress happens.
Do
Note your total monthly minimums and what portion of your income they represent.
No debts recorded yet. Add one, or continue if you have none.
Total balance
$0
Total minimums
$0
Highest rate
—
Smallest balance
—
Think About It
What share of your take-home pay goes to minimum payments?
Optional — no answer needed to continue
90 days in total · Your entries save automatically in this browser