Optimizing cash flow amidst student loans.
Dr. Sharma carries a $22,000 balance on her credit card with a 19% APR, primarily due to startup costs for her medical practice. While her income is substantial, the high student loan payments and practice expenses leave limited discretionary income, making it difficult to aggressively pay down the debt without sacrificing her retirement savings goals.
Using Golden Door Asset's Credit Card Interest Calculator, we demonstrated the long-term impact of making minimum payments versus a strategic debt paydown plan. By allocating an extra $800 per month towards the credit card debt, Dr. Sharma will save approximately $7,800 in interest and pay off the balance in just over two years, instead of the estimated 12 years with minimum payments.
We used the Credit Card Interest Calculator to model various payment scenarios and visualize the impact on total interest paid and debt payoff timelines. We then integrated these findings with her existing financial plan, considering her student loans and retirement contributions.
$7,800 in interest savings, accelerated debt freedom, and improved cash flow management.
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