Strategic Debt Management for a Secure Future.
The Johnsons, with a combined income of $450,000 and $2.1 million in retirement accounts, were struggling with a $30,000 credit card balance accruing at 21% APR. Making only minimum payments was barely chipping away at the principal, significantly hindering their ability to aggressively save for their children’s college education and accelerate retirement contributions.
Using Golden Door Asset's Credit Card Minimum Payment Calculator, we illustrated the stark reality of their debt: making minimum payments would take over 20 years and cost them over $50,000 in interest. We then used the Personal Loan Calculator to demonstrate how consolidating the debt into a personal loan at 9% APR would save them significant money and time.
The Credit Card Minimum Payment Calculator allowed for immediate visualization of repayment schedules at varying payment amounts. The Personal Loan Calculator then helped optimize the loan terms for debt consolidation, instantly comparing scenarios.
$18,000 in interest savings and 7 years shaved off their debt repayment timeline. Reallocating saved interest payments also allows for an additional $200/month college savings contribution per child, meaningfully increasing future college fund balances.
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