JP Thomas, CPA

Do you have debt from credit cards, auto loans, student loans, etc? If you do, you are in the same boat as I! While our debt racks up, at times in can seem like the only option is to pay the minimum and forget about the rest.

But I URGE you, please consider paying more than your minimum payment!

My wife and I are currently paying back our student loans. The standard repayment plan is 10 years. At the end of our repayment plan, we will both be 34 years old. I certainly do not want to be making these payments until I am 34!

Thankfully, my wife and I are making extra payments on top of our minimum payments. These extra payments greatly reduce the amount of time we will be paying back our loans. In fact, by reducing some unnecessary expense, eating out less, and not buying as much stuff, we estimate our loans will be paid off in July 2026. We will be 28 instead of 34.

Imagine a life without a handful of minimum payments each month! Being free from debt will allow you to breath and experience financial freedom.

Paying more than the minimum payment is easier said than done. I know for many money is already tight. But I strongly encourage you to take a second look at your budget for areas where you can cut back! The more you pay today, the quicker you will be free from your debt.

If you don’t have a budget, I encourage you to start one today! If you don’t know where to begin, shoot me an email and I’d be happy to meet or provide you with resources to do so.

JP Thomas, CPA