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If you’re under 30, chances are you’re drowning in debt. Student loans, auto loans, credit cards, and even mortgages — if you don’t take care of them soon, you’re going to spend the rest of your life paying thousands of dollars in interest Simply Frugal: How To Learn Personal Finance The Easy Way Simply Frugal: How To Learn Personal Finance The Easy Way Do you fret over bills and debt on a regular basis? Do you feel lost when others speak using financial lingo? Here's the good news: it's never too late to learn about money. Read More .

The worst thing about debt is that it’s hard to visualize. Fortunately, there’s one web tool that will revolutionize the way you tackle your debt. It’s called Payoff.io and it’s going to change your life.

check-debt-payoff-dashboard

The tool is simple. You add your loan data one by one — just the balance, minimum payment, and interest rate for each loan — and Payoff.io will present a graph that shows the projected progress of you paying off all of your debt.

What’s awesome is that you can also add Plans which describe how you’re going to pay off your debt. Want to make an extra payment of $100 every month? You can do that. Want to use Avalanche or Snowball methods? Payoff.io supports both.

Note: Not sure what the Avalanche and Snowball methods are? Learn more in our guide to getting out of debt now How to Get Rich: The Fastest Way to Get Out of Debt How to Get Rich: The Fastest Way to Get Out of Debt Imagine being debt free. No overdrawn balances or unpaid bills. There is a foolproof way of getting yourself out of debt. It starts with a plan and some discipline. Let's visit the other ingredients. Read More .

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If you prefer spreadsheets, Payoff.io can show you what your payment schedule looks like on a per-loan or per-month basis. Want to see how much money you’re throwing away How to Slash Your Household Expenses in 7 Easy Steps How to Slash Your Household Expenses in 7 Easy Steps Tired of seeing all of your income go towards bills and expenses? You aren't alone. We show you some of the best ways to slash your household expenses. Read More on interest every month? This view will do the trick.

What web tools do you use to track your debt status? Tell us about them in the comments!

Image Credits:cheering for free from debt by BsWei via Shutterstock

  1. fcd76218
    October 4, 2015 at 12:53 pm

    As counterintuitive as it sounds, having no debt is not good for your credit rating. The credit bureaus do not trust anyone who pays cash for everything. They like you to be on the hook (owe) to somebody.

    • Joel Lee
      October 7, 2015 at 1:13 pm

      Having no debt is slightly different from having no credit. As long as you pay off your credit cards in full every statement period, you can build up credit (slowly but surely) without ever accuring interest charges. It's a bit more complicated when you introduce non-revolving credit into the mix.

      But yes, it's important to realize that credit scores are more about your reliability as a borrower and not so much about your level of financial reponsibility.

  2. Rob Nightingale
    October 3, 2015 at 6:20 am

    Is it just me, or does anyone else find the results just incredibly depressing? I prefer to brush student debt under the carpet and never think about it ;)

    • Joel Lee
      October 7, 2015 at 1:11 pm

      Student debt used to scare me silly. It took a lot of online research but now I'm comfortable with it, and I'm on track to pay off my 10-year yoke within 2-3 years. Student debt never goes away, so might as well get it over with. But yes, it can be very depressing if you think about it too much. :(

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