Loans, cards and the payoff planner
Enter your interest rates and see two ways to pay debt down.
- Add a credit card or loan as an account of type Credit card or Other liability, with the amount you owe.
- Open Loans and debt and enter each one's yearly interest rate and minimum payment.
- Enter how much you can pay in total each month to compare the plans.
- Avalanche puts extra money on the highest interest rate first and usually pays the least interest.
- Snowball puts it on the smallest balance first, which clears accounts sooner.
- Record repayments as transfers from your bank to the card or loan. They reduce what you owe and are not counted as spending.
The plan is a projection from the numbers you entered. It is not a figure from your lender and ignores fees and changing rates.