What’s “interest?”
Interest is the extra money you pay as a fee for borrowing money, calculated from your remaining balance and added to what you owe each month.
What’s my “monthly interest?”
Your monthly interest is what your total debt costs monthly if you only make the minimum payments.
How is my monthly interest calculated?
To estimate how much your debt costs you each month, Debt Reset combines the interest rates and minimum payments set by your lender with your balance.
Heads up: Your monthly interest can change if you recently made payments or you have taken on more debt. It can take up to 30 days to see any changes reflected in the Debt Reset tool.
Do I make my payments through Debt Reset?
Nope, currently you can only make payments directly through your lender.