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How an extra $25 per week can help you pay off every kind of debt more quickly

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Whether you're focused on eliminating balances on an auto loan, mortgage, credit card, or student loan, putting an extra $25 per week can shave years off of your repayment timeline and save you hundreds, even thousands, of dollars in interest charges.Here's how $25 per week, or an extra $100 per month, can make a difference when chipping away at different kinds of debt.One of certified financial planner Marguerita Cheng's clients had a credit card balance of $874.98 with an 8.9% APR. If you're paying $200 per month toward that average balance, you'd eliminate your debt 80 months from now — and have paid more than $6,600 in interest.But by putting just $25 a week more towards that debt, you'll be debt-free more than four years sooner and pay roughly $4,300 less in interest.Read more: How an extra $25 a week can get you out of credit card debt fasterTo pay off her $111,000 student loan debt faster, Kiera Carter, one of the 44 million Americans saddled with student loans, created a budget and took on a side hustles to bring in an extra $100 per month, or a little under $25 per week.Carter consistently chipped away at her debt and was able to pay off her student loans without totally altering her lifestyle before she turned 32 this year.Finding that extra $25 can be as simple as readjusting your spending and savings habits, Cheng says.Read more: How an extra $25 a week can get you out of student loan debt fasterA mortgage may be the biggest loan you'll ever take out, and your repayment timeline could stretch out to 30 years. That means you'll pay off your car loan debt in 70 months, or a little under six years, and pay $6,214 in interest.But if you increase your payment by $25 per week, or $100 per month, and pay $651 instead of $551 at the same interest rate, you could decrease your repayment period by a full year and save $1,147 in interest.

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