💰 Your Debt Information
Credit Card 1
📚 Financial Terms Explained
APR: Annual Percentage Rate - the yearly interest rate charged on your balance
Debt Avalanche: Pay minimums on all cards, extra goes to highest APR first (saves most money)
Debt Snowball: Pay minimums on all cards, extra goes to smallest balance first (builds motivation)
Principal: The portion of your payment that reduces your actual debt
Interest: The cost of borrowing money, calculated monthly based on your balance