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The payoff planner

Get out of debt, faster.

Enter your balance, rate, and what you can pay each month. We'll show how long it takes, what the interest costs, and how much a little extra changes everything.

Your situation
Card balance${{ balanceLabel }}
Interest rate (APR){{ apr }}%
Monthly payment${{ paymentLabel }}
Debt-free in
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Total interest
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Total paid
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Payment too low

At this rate, your monthly payment doesn't cover the interest — the balance would grow forever. Raise the payment above ${{ minPaymentLabel }}/mo to make progress.
Pay just ${{ boostAmount }} more each month and you're done {{ boostSaved }} sooner — saving ${{ boostInterest }} in interest.

Two ways to attack multiple cards

Both work. One saves the most money; the other builds the most momentum. Pick the one you'll actually stick with.

Saves the most
The Avalanche

Pay minimums on everything, then throw every extra dollar at your highest-rate card first. Mathematically optimal — least interest, fastest payoff.

Best if you're motivated by saving money.
Builds momentum
The Snowball

Pay minimums, then attack your smallest balance first. You clear whole cards quickly — each win fuels the next. Costs slightly more interest.

Best if you're motivated by quick wins.

Assumes a fixed monthly payment and no new charges. Interest compounds monthly at APR÷12. A real card statement may vary slightly. Educational, not financial advice.

The debt priority ladder

Not all debt is equal. Before choosing avalanche or snowball, know which debts need immediate attention and which can wait — rate alone doesn't tell the full story.

1
Payday loans & rent-to-own
Effective APRs of 200–400%. Pay off immediately before any other debt. No exceptions.
200–400% APR
2
High-rate credit cards (20%+)
The avalanche-or-snowball decision lives here. Above 20% APR, every month of delay is expensive.
20–30% APR
3
Store cards & medical debt
Medical debt can often be settled below face value. Store cards carry deferred-interest traps — read the fine print.
12–26% APR
4
Personal loans & auto loans
Fixed rates, fixed terms — make minimums and attack higher-rate debt first. Auto loans have collateral; don't prioritize them over unsecured high-rate debt.
7–15% APR
5
Student loans & mortgage
Often the lowest rates. Make minimums while eliminating higher-rate debt — federal student loans have income-based repayment options worth understanding before overpaying.
3–8% APR

The $1,000 buffer rule: before aggressively paying down debt, keep a $1,000 starter emergency fund in a separate account. Without it, the first unexpected expense sends you back to the credit card — one $800 repair can undo three months of payoff progress.

Worked example — three debts, $400/month

Debt Balance APR Min pmt
Credit Card A$4,80024.99%$96
Credit Card B$2,20018.49%$44
Personal Loan$6,00011.99%$140
Total$13,000—$280
Avalanche (highest rate first)
Order: Card A → Card B → Loan
~36–38 mo
to debt-free
$2,940 interest
Snowball (smallest balance first)
Order: Card B → Card A → Loan
~37–39 mo
to debt-free
$3,310 interest — $370 more

The honest verdict

Avalanche saves ~$370 in this example. On a $25,000 stack at higher rates, the difference is often $1,500–3,000. Mathematically, avalanche always wins. Psychologically, snowball wins more often — a plan you abandon saves nothing. Pick the one you'll finish.

Edge case: if the highest-rate debt is also the smallest balance, both methods are identical — run both scenarios on the actual numbers.

The minimum payment trap

On a $5,000 balance at 24.99% APR, paying only the minimum (~$100/month):

7 yrs
to pay off
$3,800
total interest
$8,800
total paid on $5k

Adding $50/month cuts payoff to under 4 years and saves over $2,000 [approximate — use your card's exact minimum-payment formula]. Carrying a balance to "build credit" doesn't work either: payment history (35% of a FICO score) and utilization (30%) are both served better by paying in full every month.

Balance transfers — when the math works

A 0% intro-APR balance transfer pauses interest for 12–21 months. Done right, every payment goes straight to principal. Done wrong, it's a fee that resets a balance at 20%+.

Works when
✓ Current APR is above 18%
✓ The full balance can be paid before the intro period ends
✓ Credit qualifies for a 0% offer (usually 670+)
✓ The 3–5% transfer fee is less than the interest it saves
✓ No new charges will go on the original card
Doesn't work when
✕ Spending will continue on the old card
✕ The balance can't realistically clear in the promo period
✕ Credit won't qualify for 0% offers
✕ The fee exceeds the interest saved
✕ It's treated as a long-term fix, not a tool
Is the fee worth it? $5,000 at 24.99% APR, $300/month, transferred to 0% for 18 months at a 3% fee:
Without transfer
18 mo at 24.99% = ~$1,120 interest
With 3% transfer
$150 fee, $0 interest = $150 total cost

Savings: ~$970 — assuming no new charges on either card. [Approximate — verify with the card's exact rate and minimum-payment formula]

Fine print alert: most 0% balance-transfer cards require a minimum payment every month of the promo period. Miss one, and many issuers cancel the promo rate immediately and retroactively apply the standard APR. Set autopay for at least the minimum on day one.

5 debt myths that cost people money

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Common questions

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