Payoff $38,000 Debt in 6 Months

What's the monthly payment to pay off $38,000 in 6 months? Pay down $38,000 in credit card or student loan debt in 6 months.
Current Debt
Pay Debt in
Interest Rate
You have a debt of $38,000 with an interest rate of 7.99%.
To pay it off in 6 months, you will have to pay:
$6,482 / month
You will pay a total of $890 in interest.
What if You Refinance?
The effects of high interest-rate debt can be large. Here's how much you'd have to pay each month to pay off a $38,000 debt in 6 months with different interest rates:
Interest Rate Payment Total Interest
5% $6,426 $556.09
6% $6,445 $667.76
7% $6,463 $779.59
8% $6,482 $891.58
10% $6,519 $1,116
12% $6,557 $1,341
15% $6,613 $1,680
20% $6,708 $2,247
25% $6,803 $2,818
30% $6,899 $3,393
Student Debt - To Pay it Down or Not?
It almost always make sense to pay down high-interest credit card debt. Student debt is another matter. Making the minimum payments with a wait-and-see attitude may pay dividends. For 3½ years from March 2020-September 2023, the U.S. government suspended payments and interest on many student loans. What's more, the Biden administration wanted to forgive up to $20,000 per borrower entirely. Imagine working overtime for years to pay off your debt, and then finding out that other people got their debt paid for free. As long as your interest rate is not too high, our advice is to not aggressively pay down student debt. Just keep making the minimum payments and stay patient. With CD's earning 5.5% as of September 2023, it's not a bad idea to save money instead of paying down student debt early.