How do I repay back a line of credit that was established by consolidating my student loans?

I have a line of credit of almost $38,000. The interest rate is approximately 7%. Each month the minimum payment is withdrawn from my bank account which only covers the interest. I do not have a lot of disposable income. How do I determine how large of a payment I need to make to realistically start paying off the line of credit? And is there a way to figure out how many years it will take for the debt to be completely gone?

How do I repay back a line of credit that was established by consolidating my student loans?child tax credit

You can figure a loan amortization schedule in excel or by using any of the online programs. Since you don%26#039;t have a lot of disposable income you might want to not set up a payment schedule but pay what you can each month to start to decrease the balance. You can pay against the principal of this loan at any time through your bank.