How to Pay Off Debt Faster
The single most powerful thing you can do to pay off debt faster is add even a small amount to your monthly payment. The calculator above shows exactly how much difference $25, $50, or $100 extra per month makes. It often cuts years off your timeline and saves thousands in interest.
The Debt Avalanche vs. Debt Snowball
Two popular strategies exist for paying off multiple debts. The avalanche method targets the highest interest rate debt first, saving the most money mathematically. The snowball method targets the smallest balance first, building momentum through quick wins. Both work. Pick the one that keeps you motivated.
Where to Find Extra Money for Debt Payments
- Cancel subscriptions you do not use
- Put overtime pay directly toward debt before lifestyle inflation sets in
- Sell items you no longer need
- Use tax refunds and overtime tax savings toward debt first
Use our Overtime Tax Savings Calculator to see how much your overtime deduction could free up for debt payoff.
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