Sentences with phrase «minimum on one's debt»

(With the snowball method you pay the minimum on all your debts except for the smallest one.

Although it is not popular financial advice, if paying the minimum on your debt is all you can do and it will prevent you from getting your wages garnished down the line, do that.

While saving for our emergency fund, we paid only the minimum on our debt and took advantage of all the coupons and deals we could find on the things we needed.

So it could be wise to set the monthly budget, but for the first few months pay the minimum on the debt and put all the other money directly into savings for an emergency fund; once that is at target, shift to paying the loans (while leaving your monthly budget the same).

You could pay the minimum on every debt and then put more money into the debt with the highest interest rate to ensure it gets paid off long before it can accumulate excess charges.

Every month you would pay the minimum on all your debts, and focus on eliminating the debt with the highest interest rate.

Answer: If your friend can pay only the minimum on his debt and can't save for retirement, he's in a deeper hole than he probably realizes.

I know some folks will argue that it must have been nice to have a large income during this process and that some people struggle to pay even the minimums on their debt.