Why is it more difficult to get out of debt when only paying the minimum payment
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Why is it more difficult to get out of debt when only paying the minimum payment
When you only pay the minimum payment on debt, most of your payment goes toward interest rather than reducing the principal amount. This means that while you’re making payments, the total debt remains high, and it can take a long time to pay it off fully. Additionally, as interest accumulates, the total amount you owe can increase, making it harder to get out of debt.
To speed up the process, try to pay more than the minimum whenever possible. This will decrease your principal faster and reduce the interest you pay over time. If you have more questions or need further assistance, feel free to ask!