Frequently Asked Questions

You'll need:

• Current balance for each debt
• Interest rate (APR) for each debt
• Minimum monthly payment for each debt
• Your risk tolerance preference
• Additional monthly payment amount (optional)

Yes! We automatically save your debt information and calculator results in your browser's localStorage. This means:

• Your data persists between browser sessions on the same device
• Your information is stored locally on your device, not on our servers
• Data is cleared if you clear your browser data or use a different device
• You can also take screenshots or print your results for permanent records

Privacy Note: Since we don't store your data on our servers, your financial information remains private and secure on your device.

Cash Flow Strategy: Prioritizes debts with the highest monthly payments. This frees up more money each month for other expenses or savings.

Risk-Based Strategy: Prioritizes variable-rate debts (like credit cards) that could increase in cost if interest rates rise. This protects you from future rate increases.

Choose Cash Flow if you need more monthly flexibility. Choose Risk-Based if you're concerned about rising interest rates affecting your debt costs.

This depends on your interest rates and financial goals. Generally:

• Pay off high-interest debt (above 6-8%) first
• Consider investing while paying off low-interest debt
• Our calculator helps you find the right balance for your situation

Start with what you can afford, even if it's just the minimum payments. Focus on:

• Creating a budget to find extra money
• Looking for ways to increase income
• Considering debt consolidation options
• Seeking help from a credit counselor if needed

We offer 7 comprehensive debt payoff strategies:

• Avalanche (High Rate First): Pay off highest interest rate debts first - saves the most money
• Snowball (Low Balance First): Pay off smallest balance debts first - provides quick wins and motivation
• Hybrid (Rate + Balance): Uses a scoring system combining interest rate and balance for optimal payoff order
• Cash Flow (High Payment First): Pay off debts with highest monthly payments first - frees up more cash flow
• Risk-Based (Variable Rate First): Prioritizes variable rate debts to protect against future rate increases
• Credit Score (Cards First): Pay off credit cards first to improve credit score faster
• Debt Consolidation: Shows potential savings from consolidating high-interest debts into a single lower-rate loan

The best strategy depends on your personality, financial situation, and goals:

• Avalanche: Best for saving money - choose if you're motivated by long-term financial benefits
• Snowball: Best for motivation - choose if you need quick wins to stay on track
• Hybrid: Best of both worlds - combines interest savings with psychological wins
• Cash Flow: Best for flexibility - choose if you need more monthly cash flow
• Risk-Based: Best for protection - choose if you're concerned about rising interest rates
• Credit Score: Best for credit improvement - choose if you're focused on building credit
• Debt Consolidation: Best for simplification - choose if you have multiple high-interest debts

The Hybrid strategy uses a scoring system: Interest Rate × Balance

This approach:

• Prioritizes debts that cost you the most money overall
• Combines the mathematical efficiency of Avalanche with the psychological benefits of Snowball
• Often provides the best balance between interest savings and motivation
• Works well for people who want both financial optimization and quick wins

Debt consolidation combines multiple high-interest debts into a single lower-rate loan. Consider it if you have:

• Multiple credit cards with rates above 15%
• Good credit score to qualify for lower rates
• Discipline to avoid running up new debt
• Ability to make the consolidated payment

Benefits: Lower interest rate, single payment, faster payoff. Risks: May extend repayment time, requires good credit, potential fees.

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