We realized that choosing to spend our extra money, instead of using it
for additional debt payments, meant it would take longer to pay off what we owed.
Whether you put aside modest amounts of extra savings — perhaps $ 25 to $ 100 a month — or you make
additional debt payments beyond the minimums due, every little bit helps to bring you toward greater financial well being.
Once that debt is completely paid off, switch to the debt with the highest interest rate and add
the additional debt payments toward this debt while paying the minimums on the rest.
You can make
your additional debt payments separately.
Besides,
the additional debt payments will probably make it harder to save up for a settlement.
DTI indicates whether you have the capability to take on
an additional debt payment.
Such tools can help you predict what sort of impact that
additional debt payments can have or what another line of credit can do for you.