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How to pay off debt faster
The biggest lever you control is your monthly payment. Even a modest increase can cut months or years off your payoff timeline and save significant money in interest, especially on high-interest debt like credit cards.
Snowball vs. avalanche method
If you have multiple debts, the "avalanche" method (paying extra toward your highest-interest debt first) saves the most money mathematically. The "snowball" method (paying off your smallest balance first) can provide faster psychological wins. Either is better than no plan at all.
Frequently asked questions
How long will it take to pay off my debt?
It depends on your balance, interest rate, and monthly payment. Higher payments and lower interest rates significantly reduce payoff time and total interest paid.
Should I pay off debt or invest?
Generally, if your debt's interest rate is higher than what you'd reasonably expect to earn investing, prioritize paying off the debt first. High-interest debt like credit cards usually should be paid off before investing.
What if my payment doesn't cover the interest?
If your monthly payment is too low to cover accruing interest, your balance will never decrease. This calculator will alert you if that's the case so you can adjust your payment.