Build a plan to become debt-free. Compare the snowball and avalanche methods, estimate your payoff date, and see how much interest you can save.
Snowball pays smallest balances first for motivation; avalanche targets the highest interest rates first to minimize total interest.
The snowball method has you pay minimums on all debts while putting any extra money toward the smallest balance first. Once that debt is cleared, you roll its payment into the next smallest, and so on. The balances disappear faster at the start, providing quick wins and psychological momentum that helps many people stay motivated. It does not always minimize total interest, but the behavioral boost makes it effective for those who need encouragement to keep going.
The avalanche method also pays minimums on every debt but directs extra money to the debt with the highest interest rate first, regardless of balance size. Because it attacks the most expensive debt first, it minimizes the total interest you pay and usually clears all debts slightly faster than the snowball. It is the mathematically optimal approach, best suited to people motivated by saving money rather than by quick visible wins.
Choose the avalanche method if your priority is paying the least interest and you can stay motivated without frequent milestones. Choose the snowball method if you value early, visible progress to keep you committed. Both eliminate debt; the best one is the method you will actually stick with. The calculator lets you compare the payoff date and total interest of each so you can weigh the financial difference against the motivational benefit.
Increase the amount you pay above the minimums, since minimum payments are designed to stretch repayment out and maximize interest. Free up extra money by trimming expenses or adding income, and direct it at your target debt. Avoid taking on new debt while repaying, and consider whether a lower-rate consolidation loan or balance transfer could reduce interest. Even modest extra payments shorten the timeline noticeably, as the calculator demonstrates.
Consolidation combines multiple debts into a single loan, ideally at a lower interest rate, which can reduce your monthly payment and total interest while simplifying repayment to one bill. It helps most when the new rate is genuinely lower and you avoid running balances back up on the cleared accounts. Watch for fees and longer terms that could increase total cost despite a lower rate, and compare the real numbers before consolidating.