When was the last time you logged into your student loan account and actually paid attention to how far your minimum payment was getting you? This past Saturday I did just that with my husbands student loan that we’re diligently making a $355 minimum payment on each month. Let’s just say what I saw was worse than any scary movie I’ve ever seen! Just to give you some back story we’ll be finishing up our 1st student loan (original balance $21K) by the middle of this month. Our goal is to have the second loan ($4K) paid off by…

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One of the ways that credit cards and financing companies trick us into giving away more money than we intend is by using a tactic called “The Minimum Payment”. Simply put, the minimum payment is the lowest amount of money we can pay to keep our names in good standing with those who loaned us the money in the first place. The amount of money you pay towards a minimum payment will range based on the interest and the amount of money borrowed or financed with most payments starting as low as $15. Not surprisingly these minimum payments could be…

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