Balancing college funds and crushing debt.
The Johnsons, despite a combined income of $450,000, found themselves burdened with $45,000 in credit card debt across multiple cards with varying interest rates, some exceeding 20%. This high-interest debt was significantly impacting their ability to aggressively save for their three children's college educations and maximize their retirement contributions, creating financial stress.
Using Golden Door Asset's Credit Card Payment Calculator, we analyzed the Johnsons' debt and projected payoff scenarios. By strategically prioritizing debt with the highest interest rates and consolidating balances onto a lower-interest personal loan (analyzed with the Personal Loan Calculator), we projected a faster payoff timeline and significant interest savings. The calculator revealed they could save over $12,000 in interest by shifting to a strategic payoff plan versus their current haphazard approach.
The Credit Card Payment Calculator allowed for adjustable APR inputs, minimum payment calculations, and amortization schedules. This data was then used in conjunction with the Personal Loan Calculator to determine the feasibility of debt consolidation.
$12,000 in interest savings and allows for an additional $500/month contribution to 529 plans.
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