Add your debts, choose your strategy, and see exactly when you'll be debt-free. Compare avalanche vs snowball to find which saves you more money.
The debt avalanche method targets the highest-interest debt first, minimizing the total interest you pay. The debt snowball method targets the smallest balance first, giving you faster psychological wins. Research shows both work — the best method is the one you'll actually stick with. Mathematically, avalanche saves more money. Psychologically, snowball keeps more people on track.
Credit card companies set minimum payments low on purpose — it maximizes the interest you pay over time. A $5,000 balance at 22% APR with a 2% minimum payment takes over 30 years to pay off and costs $9,400+ in interest. Paying just $150/month fixed cuts that to under 4 years and saves $7,000. The difference between minimum payments and any fixed amount is enormous — use this calculator to see your specific numbers.
Even $100/month extra can dramatically cut your payoff timeline. On $20,000 in debt at 18% APR, making minimum payments could take 15+ years. Adding $200/month extra cuts that to under 4 years and saves thousands in interest. The calculator shows exactly how extra payments compress your timeline and eliminate interest charges.
Consolidating multiple debts into a single lower-rate loan can save significant interest, but only if you don't run the original balances back up. A 0% APR balance transfer for 18 months is extremely powerful if you use the grace period to pay down principal. Personal loans at 8–12% can consolidate 20–25% credit card debt with immediate monthly savings. The key: freeze the accounts you consolidate so you don't double the debt.
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