Should I pay more than the monthly minimum?

Yes, if possible you should aim to pay more than the minimum payment on your credit cards or loans. Exceeding the minimum payment can significantly reduce the interest you pay over the term of the debt, allowing you to pay it off faster and save money.

Does the U.S. government have a debt relief program?

Yes, the U.S. government offers several national debt relief programs, such as income-driven repayment plans for student loans and programs for specific types of debt, like those incurred by farmers or small businesses.

Are debt relief programs scams?

No, many debt relief programs are trustworthy and reputable. However, it’s crucial to research and choose programs carefully, as some debt relief programs may be scams.

Is $20,000 a lot of debt?

Whether $20,000 is a lot of debt depends on several factors, including your income, expenses, and overall financial situation. To put it into context, if your interest is around 18% and you can consistently pay $600 a month, it would take you around 47 months (nearly four years) to repay your debt.

How can I pay off $50,000 in debt in one year?

Paying off $50,000 in debt within a year requires aggressive action. This likely involves a combination of significantly increasing your income (e.g., finding a second job), drastically reducing expenses (e.g., cutting non-essentials from your budget), and potentially exploring debt consolidation options.