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Multiple Debt Payoff Calculator

Plan your complete debt-free journey with credit cards, loans, and any debt type using snowball/avalanche strategies, budget allocation, and detailed payoff timelines

Credit Card Details

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Enter percentage (e.g., 2.0 for 2%, 2.5 for 2.5%)

$

Additional amount to pay each period

Monthly Budget Allocation

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Amount available monthly for all debt payments

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Your Debts

Debt #1

Debt Payoff Strategies

Debt Snowball Method

Pay minimums on all cards, then put extra money toward the smallest balance first.

Pros:
  • • Quick psychological wins
  • • Builds momentum
  • • Simplifies debt management

Debt Avalanche Method

Pay minimums on all cards, then put extra money toward the highest interest rate first.

Pros:
  • • Saves the most money
  • • Mathematically optimal
  • • Faster overall payoff

Payoff Goal Calculator

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$--
Required Monthly Payment

Goal Summary

Time to Goal: -- months
Total Interest: $--
Total Payments: $--

Payoff Results

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Time to Pay Off
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Total Interest
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Total Amount Paid
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Payoff Date

Balance Over Time

Understanding Credit Card Debt & Payoff Strategies

How Credit Card Interest Works

Credit cards use compound interest, meaning you pay interest on both your principal balance and any unpaid interest. This is why minimum payments can keep you in debt for decades.

  • Interest compounds daily on most cards
  • Minimum payments mostly cover interest
  • Higher balances = more interest charges

Effective Payoff Strategies

The key to paying off credit card debt faster is paying more than the minimum and avoiding new charges.

  • Pay more than minimum every month
  • Stop using the card for new purchases
  • Make payments twice per month