How to pay off debt

This calculator can help you wrangle your debts. It shows your debt-free date with your current payments, then how much faster you’d get there by paying more each month. You can also compare debt snowball and debt avalanche payoff plans.

Know your debt strategy

These are some different ways you can speed up your payoff in the event that you have a chat window open:

If you’re looking for debt management, the best solutions are to first pay down the smallest debt and then pay off the next biggest.
The key to paying off debt is prioritizing it in a way that best fits your situation. The debt avalanche method helps keep you on track by focusing on the part of your balance that has the highest interest rate.
Debt consolidation is the combining of various debts into one, ideally at a lower interest rate. There are a few ways to consolidate debt when it comes to payments, including balance transfer cards and personal loans.
If you’ve been struggling with credit card debt and can’t seem to make any progress, a nonprofit credit counseling agency can help set up a debt management plan that not only helps you avoid extra interest charges but also puts you on a monthly payment plan so that you have a fresh start.

Sometimes, you might find yourself in a situation where you’re facing serious financial dilemmas. More often than not, these situations arise because you’re spending more on maintaining your debt rather than actually achieving any sort of positive change. Use this quiz to find out whether or not it’s worth it to pay off your debt by taking faster-paced actions.

Stay on top of your budget

You’ll want to be able to track what you spend in order to gain a deeper understanding of your finances. These built-in tools make everything easier – track your spending, choices, and progress over time.

5 tips for paying off debt

Put a plan in place to help reach your debt goals: Think about how much you need to spend on each line of credit, what you want your savings rate to be, and how many years it will take.
You can save some money on your bills by lowering the amount that you’re spending toward them every month. This will give you more cash to put towards paying off your debt.
There are all sorts of ways to make more money, even if you don’t have a lot of extra time on your hands. Some options include taking on a side job or two and making some flexible hours.
Sometimes it can be helpful to take a step back from your loans. Debt consolidation can bring interest rates down so you put more of your balance towards paying off your balance.
If you haven’t seen any progress in your debts, it might be time to talk to a debt relief agency.