When you are young and starting out in the world as an adult, you have to figure out what is best for you. Do you want to go find a run of the mill job? Go to trade school? You want to spend the next eight to ten years in college so you are able to land your dream job?

Well with that dream job comes you still have to worry about paying off the student loans you may have had to take out. Which is a whole new frustration. How long is it going to take to pay off the loans? Are you ever going to be out of debt?

 

Calculators for paying off loans early can be so helpful for so many different reasons. Personally, my husband and I have a credit card that he got when he was younger. His thought process was, well it is fine, I can throw it on the card and pay it off later. After just a year of having the credit card in his possession he had already racked up over ten thousand in debt.

Those charges can rack up quite fast when you are not having to worry about it right away. And on a high interest rate card, it really can cost a ton to pay it off. We have been working on paying off the debt since I had to tell him he needed to put the card away, and had to show him what his monthly spending habits were because of this small piece of plastic.

With the biweekly loan calculator we figured out a way to help us pay our debt off faster, without breaking the bank. This way, we can play around without monthly payments on the calculator and already know how long it is going to take for us to pay off the card, and with how much we will be paying in interest alone.

Since the pandemic has started the Consumer Financial Protection Bureau (CFPD) have published a credit card debt relief guide to help those who are struggling with debt relief due to the impact from the coronavirus. There are many tips and helpful advice to keep yourself from getting into a financial downward spiral.

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