How Soon Can You Be Out of Debt? Here’s How to Check
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 .
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.
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 .
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 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
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