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Debt Payoff Calculator

Snowball vs Avalanche — see exactly when you'll be debt-free and how much interest you'll save.

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Snowball vs Avalanche Method

❄️ Snowball Method

Pay minimums on all debts, then put extra money toward the smallest balance first.

  • ✓ Quick psychological wins
  • ✓ Reduces number of accounts fast
  • ✓ Best for motivation
  • ✗ Pays more interest overall

🏔️ Avalanche Method

Pay minimums on all debts, then put extra money toward the highest interest rate first.

  • ✓ Saves the most money
  • ✓ Mathematically optimal
  • ✓ Faster total payoff
  • ✗ Takes longer to eliminate first debt

7 Tips to Pay Off Debt Faster

1. Make bi-weekly payments

Pay half your monthly amount every two weeks — you'll make 13 full payments per year instead of 12.

2. Apply windfalls directly to debt

Tax refund, bonus, or gift — apply 100% to your highest-rate debt before spending any of it.

3. Negotiate a lower rate

Call your credit card issuer and ask for a rate reduction. If you've paid on time, there's a good chance they'll say yes.

4. Balance transfer to 0% APR

Move high-rate balances to a 0% intro APR card. Every dollar of payment goes to principal, not interest.

5. Cut one expense and redirect it

Cancel one subscription or reduce dining out by 50%. Apply that savings directly to debt each month.

6. Consider a personal loan refinance

If your credit score improved, a personal loan at lower APR can save thousands in interest and simplify payments.

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