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.
- 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.
- 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.
- Lowest balance first: Debts are ordered by balance from lowest to highest.
- Highest balance first: Debts are ordered by balance from highest to lowest.
To change your debt priorities:
- Select the "Fastest Payoff First" dropdown menu on the top left.
- 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.