Debt Payoff Calculator

Debt Payoff Strategies

• Snowball Method: Fastest psychological wins - pay smallest debt first regardless of interest rate
• Avalanche Method: Saves the most money - pay highest interest debt first to minimize total interest
• Negotiate lower interest rates with creditors before starting payoff
• Stop accumulating new debt while paying off existing debt
• Use the "debt cascade" - when one debt is paid, roll that payment into the next target debt
• Consider balance transfer cards (0% APR) for credit card debt
• Track progress monthly to stay motivated
• Even small extra payments can significantly reduce payoff time