Debt Payoff Calculator

Choose between snowball and avalanche methods to eliminate your debts faster

Payoff Strategy

$
Additional amount you can pay monthly toward debts

Your Debts

$
%
$
$
%
$

Debt Payoff Tips

Choose the right strategy and accelerate your journey to financial freedom with these proven methods.

US Debt Management:

  • Credit Cards: Average APR is 16-24%, prioritize high-interest cards first
  • Student Loans: Consider income-driven repayment plans, loan forgiveness programs
  • Consolidation: Balance transfer cards offer 0% APR for 12-21 months
  • Tax Benefits: Student loan interest deduction up to $2,500 annually
  • Emergency Fund: Keep $1,000 minimum while paying off high-interest debt

Snowball vs Avalanche:

Debt Snowball (Psychological)
  • Pay smallest balances first
  • Quick wins build momentum
  • Better for motivation
  • May cost more in interest
Debt Avalanche (Mathematical)
  • Pay highest interest rates first
  • Saves more money overall
  • Faster debt elimination
  • Requires more discipline

Debt Help Resources & Support

United States Debt Assistance:

Government Resources:
Non-Profit Credit Counseling:
Legal Assistance:
Crisis Support:

Debt Relief Templates & Letters

Download and customize these professional templates to communicate with creditors and protect your rights:

Payment Freeze Request

Request temporary payment suspension due to financial hardship.

Payment Plan Proposal

Propose a manageable repayment schedule based on your budget.

Harassment Complaint

Report illegal debt collection practices and demand they stop.

Debt Validation Request

Demand proof that the debt is valid and legally owed.

Interest Rate Reduction

Request lower interest rates on credit cards and loans.

Settlement Offer Letter

Propose a lump sum payment to settle debt for less than owed.

Important Legal Disclaimer

These templates are for educational purposes only and do not constitute legal advice. Laws vary by location and situation. Consider consulting with a qualified attorney or debt counselor before sending legal correspondence to creditors.