Four habits make the biggest difference: pay more than the minimum, never pay late, aim extra money at the highest rate, and stop adding purchases you can't pay in full.
Do it with Spendry
- Add your cards with their balance, interest rate, statement day and due day.
- Set a monthly amount above the minimums and choose the avalanche method.
- Turn on reminders so every due date is covered, even when the app is closed.
- Check Debts each month to watch the balance fall and the debt-free date move closer.
An example
A balance of 3,000 at 22% takes well over ten years with minimum payments of about 2.5%. A fixed 175 each month clears it in under two years.
When a refund or a bonus comes in, put part of it on the card with the highest rate. One extra payment can take months off the plan.
Credit card payoff calculator
Free credit card payoff calculator. Enter your balance, rate and monthly payment to see your payoff date, the total interest and what paying only the minimum costs.
Questions
Should I pay the highest rate or the smallest balance first?
The highest rate saves the most interest. The smallest balance gives you a quick win. Spendry shows the debt-free date for both, so you can compare.
Should I keep using the card while paying it off?
Only for purchases you can pay in full before the due date. New balances push your debt-free date further away.
