How Long Does It Take to Pay Off Debt?

Depends on your total debt amount, interest rates, and how much you can pay each month beyond the minimum payments. Use our calculator to see your exact timeline.

Should I Pay Off Debt or Save Money First?

Build a small emergency fund first, then focus on paying off high-interest debt. For low-interest debt, consider investing while making regular payments.

What's the Fastest Way to Pay Off Credit Card Debt?

Stop using credit cards, use Avalanche method, transfer balances to 0% APR card, increase income, cut expenses, consider consolidation loan.

Does Paying Off Debt Improve Credit Score?

Yes. Improves credit utilization, payment history, and debt-to-income ratio. Keep old accounts open with zero balances for optimal credit health.

How Much Should I Pay Above the Minimum Payment?

Even small amounts above the minimum make a dramatic difference. Aim to pay at least 2-3x the minimum or dedicate 15-20% of income to debt payoff.

Is Debt Consolidation Worth It?

Can be worth it if you qualify for a lower interest rate and commit to not accumulating new debt. Compare offers from multiple lenders.

What Debts Should I Pay Off First?

Payday loans first, then credit cards, personal loans, student loans, auto loans, mortgages. Exception: Snowball method for motivation.

Can I Negotiate My Credit Card Interest Rate?

Yes. Call your card issuer, mention payment history, reference competitor offers, request hardship program if needed.

Debt Payoff Calculator

Q: What is the Debt Avalanche Method?

The Debt Avalanche method focuses on paying off debts in order of the highest interest rate to the lowest, regardless of the balance. You make minimum payments on all your debts, then apply any extra money to the debt with the highest interest rate. Pros: Saves the most money in interest over time. Cons: Might take longer to pay off your first debt.

Q: What is the Debt Snowball Method?

The Debt Snowball method involves paying off debts in order of the smallest balance to the largest, regardless of the interest rate. Pros: Quick psychological wins. Cons: Likely pay more in total interest compared to Avalanche.

Compare Debt Avalanche vs. Debt Snowball strategies and visualize your path to becoming debt-free.

1. Add Your Debts

2. Add Extra Payments

Frequently Asked Questions

What is the Debt Avalanche Method?

The Debt Avalanche method prioritizes paying off debts with the highest interest rate first. This saves the most money in interest over time. Learn more. For a step-by-step payoff timeline, try our free calculator.

What is the Debt Snowball Method?

The Debt Snowball method focuses on paying off the smallest balance first for quick wins and motivation. See the calculator. Compare both methods in our detailed guide.

Should I consolidate my debt?

Debt consolidation can lower your interest rate and simplify payments, but watch for fees. Read about the true cost. See our balance transfer vs. loan analysis for more options.

How does credit utilization affect my score?

Credit utilization is the ratio of your credit card balances to your limits. Lower utilization helps your FICO score. Learn more. Discover strategies in our minimum payment interest guide.

How long will it take to pay off my debt?

Use our debt payoff time calculator to estimate your timeline, or try the main calculator for a personalized plan.

Debt Payoff Glossary

Debt Avalanche

Paying off debts with the highest interest rate first. See comparison. Try our free calculator to model your payoff.

Debt Snowball

Paying off the smallest balance first for motivation. See calculator. Compare with Avalanche in our expert guide.

Credit Utilization

The percentage of your credit limit you are using. Learn more. See how minimum payments affect utilization in our interest guide.

Debt Consolidation

Combining multiple debts into one loan, often at a lower rate. Read about costs. Compare consolidation options in our balance transfer vs. loan analysis.

Minimum Payment

The lowest amount you must pay each month. See interest impact. Learn about negative amortization in our minimum payment guide.

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