Debt Payoff Calculator
Calculate how quickly you can pay off your debt and how much interest you'll save.
Calculate Debt Payoff
Payoff Plan
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Debt repayment strategies
Two popular methods to pay off multiple debts:
Debt Avalanche: Pay minimums on all debts, put extra toward highest interest rate first. Saves most money.
Debt Snowball: Pay minimums on all debts, put extra toward smallest balance first. Builds motivation with quick wins.
Both work! Choose based on what motivates you. The key is consistency.
Debt Snowball: Pay minimums on all debts, put extra toward smallest balance first. Builds motivation with quick wins.
Both work! Choose based on what motivates you. The key is consistency.
FAQs
Should I save or pay off debt first?
Keep a small emergency fund (NPR 50,000-100,000), then focus on high-interest debt (credit cards). Low-interest debt can wait.
What's the fastest way to pay off debt?
1) Pay more than minimum, 2) Use windfalls (bonus, tax refund), 3) Cut expenses temporarily, 4) Consider debt consolidation.
Should I consolidate my debts?
If you can get a lower interest rate, yes! But avoid taking new debt afterward.
Can I negotiate with lenders?
Yes! Call and ask for lower interest rates, especially if you have good payment history.
What if I can't afford minimum payments?
Contact lenders immediately. Many offer hardship programs. Don't ignore the problem – it only gets worse.