Basically, the avalanche method of paying off debt is the fast-and-furious way to zero out those balances. Put any extra money you’re throwing at debt reduction toward the loan that charges the most interest first. Once that one is paid off, move on to the loan with the next highest interest rate. Here is a free tool to help. Once you enter your debt information, you will have a spreadsheet detailing the required monthly payment for each debt. Contact me if you have any questions about PowerPay or would like to share your experience paying off loans.
PowerPay (Debt Reduction Tool)
PowerPay will give you the tools to develop a personalized, self-directed debt elimination plan. Discover how quickly you can become debt-free, and how much you can save in interest costs by following your debt reduction plan. Utah State University Extension is pleased to provide this debt management tool without any cost to consumers worldwide.