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 smallest debt as quickly as you can.
Once you've added all your debts. Take a screenshot. This is your action plan for becoming debt free! You can also pick up my Meaningful Spending Plan template for free and incorporate your debt repayment strategy into your Meaningful Spending Plan.
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.
Once you've added all your debts. Take a screenshot. This is your action plan for becoming debt free! You can also pick up my Meaningful Spending Plan template for free and incorporate your debt repayment strategy into your Meaningful Spending Plan.
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' } |
Your path to a debt-free life starts here!
Escape the debt trap and start living the life you deserve by enrolling in Debt-Free Bootcamp. You'll get proven strategies I've used to help thousands of students eliminate debt and achieve financial freedom!