I want to pay off my debt
Debt feels lighter when you have a plan. This page helps you see what you owe, pick a payoff order and find your debt-free date. It takes about 15 minutes.
- 1
See how much money you have each month
You need to know what is left after bills before you can pay extra. Type the money you take home each month.
How should I split my income between needs, wants and savings?
Make my budget →Tip: Even a small extra amount each month adds up. Start with what you can keep doing.
- 2
Check how heavy your debt is
Your debt-to-income ratio shows what share of your pay goes to debt. Type your income and your monthly debt payments.
How much of my income goes to paying debts?
Check my debt ratio →Tip: Write this number down. Checking it again in a few months is a great way to see progress.
- 3
Make a plan for all your debts
List each debt with its balance, rate and minimum payment. We show how fast you can be debt-free with the snowball or avalanche order.
How fast can I pay off all my debts?
Build my payoff plan →Tip: Avalanche (highest rate first) saves the most money. Snowball (smallest balance first) gives quick wins.
- 4
Tackle your credit card
Credit cards often have the highest interest. Type your balance, rate and what you can pay to see how long it takes and how much you save over minimums.
How long will it take to pay off my credit card?
Plan my card payoff →Tip: Paying only the minimum can take many years. Paying a bit more each month cuts the time a lot.
- 5
Check if a new loan would help
Some people roll several debts into one loan with a lower rate. Type the loan amount, rate and years to see the new payment and total interest.
How much will my personal loan cost each month?
Test a payoff loan →Tip: A lower payment over more years can still cost more in total. Look at total interest, not just the monthly amount.
- 6
Build a small safety fund
Without savings, one surprise bill can send you back into debt. Type your monthly costs to see a target to aim for.
How big should my emergency fund be?
Set my safety target →Tip: Many people start with a small starter fund, then pay debt hard, then grow the fund to a few months of costs.
Questions people ask
What is the fastest way to pay off debt?
Pay the minimum on every debt, then put every extra bit of money on one debt at a time. Paying the highest interest rate first usually saves the most money. Cutting costs or earning a little more speeds it up.
Snowball or avalanche: which is better?
The avalanche method pays the highest rate first and usually costs less overall. The snowball method pays the smallest balance first and gives quick wins that keep people motivated. The best one is the one you will stick with.
Should I save or pay off debt first?
Many people keep a small emergency fund first so a surprise bill does not go on a card. After that, paying off high-interest debt is often a strong choice. Your own situation may differ.
Does paying off debt help my credit score?
Usually yes over time. Paying on time and using less of your card limits are two big parts of most credit scores. Closing old accounts can sometimes lower a score, so think before closing them.