How to Pay Off Debt Faster
Even a small extra payment each month dramatically reduces the time it takes to pay off debt and the total interest you pay. Use the "Extra Monthly Payment" slider above to see exactly how much you save.
Debt Avalanche vs Debt Snowball
The Debt Avalanche method pays off highest-interest debt first — saving the most money in interest. The Debt Snowball method pays smallest balance first — building motivation through quick wins. Both work; choose the one you'll stick to.
Q: Should I pay off debt or invest?
If your debt interest rate is higher than your expected investment return (e.g., credit card debt at 20% vs market returns of 7–10%), pay off the debt first. For low-interest debt like a mortgage at 4%, investing the difference often makes more sense. Always capture any employer 401k match first.
Q: How do I get out of credit card debt?
Stop adding to the balance, negotiate a lower interest rate with your card issuer, look into a 0% balance transfer card, and put every extra dollar toward the highest-rate card. Even an extra $50/month can cut years off your payoff timeline.