It's possible
Ready to take control of your debt and start your journey to financial freedom? This easy-to-use tool helps you create a personalized debt payoff plan in just three simple steps.
Step 1: Select your strategy
There are two main ways to pay off debt: the Snowball Method and the Avalanche Method. Pick the one that works best for you.
Snowball Method:
- Prioritize debts with the smallest balances first.
- Pro: Gives you a sense of accomplishment as smaller debts are paid off quickly which can give you additional motivation.
- Con: Since it doesn't prioritize debts with higher interest rates you're likely going to pay more money in interest.
Avalanche Method:
- Prioritize debts with the highest interest rates first.
- Pro: You will save more money in the long run since you're focusing on debts that accrue the most interest.
- Con: Requires more discipline as it may take longer to see smaller debts disappear.
Step 2: Add your debts
Add each debt one by one. This can include credit cards, car payments, personal loans, and other debts. You don't need to include your mortgage if you have one.
Step 3: Review your debts
Your debts are listed from smallest to biggest because you picked the Snowball Method. Your goal is to pay off the first debt as quickly as you can.
Your debts are listed from highest interest rate to lowest because you picked the Avalanche Method. Your goal is to pay off the debt with the highest interest rate first.
Total Debt
${ formatCurrency(totalDebt.toFixed(2)) }
Monthly Payment
${ formatCurrency(totalMonthlyPayments.toFixed(2)) }
Expected Interest
${ formatCurrency(totalExpectedInterest.toFixed(2)) }
Total Repayment
${ formatCurrency(totalRepayment.toFixed(2)) }
| Name | Balance | Interest Rate | Min. Payment | Monthly Payment | Interest | Total | Months | Years | Actions |
|---|---|---|---|---|---|---|---|---|---|
| ∞ ${ debt.expectedInterest ? formatCurrency(debt.expectedInterest.toFixed(2)) : formatCurrency(0) } | ∞ ${ debt.finalAmount ? formatCurrency(debt.finalAmount.toFixed(2)) : formatCurrency(0) } | ∞ ${ debt.monthsToPayOff || 0 } | ∞ ${ debt.yearsToPayOff ? debt.yearsToPayOff.toFixed(2) : '0.00' } |
Get your free strategy guide!
Great job on taking the first steps to a debt-free life by choosing a plan and learning about your debts. Now, it's time to take the next steps on your journey to financial freedom.
Enter your email below, and we'll send you our free mini-course on how to be debt-free. This powerful tool has helped people all over the world, even those with over $100,000 in debt, break free and achieve financial freedom!