Debt Priority Options

  • Updated

We recommend prioritizing your debts for the fastest possible payoff. However, there are four built-in prioritization options that you can choose from, based on your particular situation.
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  1. Fastest payoff first: Debts are ordered by which debt you will pay off soonest, based on balance, APR, and minimum payment. This ordering is considered the standard snowball method.
  2. Highest interest first: Debts are ordered from your highest APR to the lowest APR. This ordering is often referred to as the "avalanche method"; it can save you more money over the life of the debt.
  3. Lowest balance first: Debts are ordered by balance from lowest to highest.
  4. Highest balance first: Debts are ordered by balance from highest to lowest.

To change your debt priorities:

  1. Select the dropdown menu on the top left.
  2. Select one of the four available options. The chart and all associated calculations will automatically update.


To learn more about the Debts tool, watch the quick clip here.

 

Disclaimer: The functionality of this software varies depending on which financial institution you use. Not all content in this help center will apply to your experience.

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