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Debt payoff checklist

Steps to tackle debt and stay on track.

Get the picture

  • List every debt: balance, APR, minimum payment.
  • Add up total monthly minimums and total balance.
  • Decide how much extra you can put toward debt each month.

Pick a method

  • Avalanche: pay minimums on all, put extra toward the highest APR (saves the most interest).
  • Snowball: pay minimums on all, put extra toward the smallest balance (quick wins).
  • Stick to one method so the extra payment has a clear target.

While you're paying down

  • Stop adding new debt; use cash or debit where possible.
  • Consider a 0% balance transfer only if you'll pay off the balance before the rate ends.
  • Celebrate milestones (one card done, half the balance gone).

WealthyCalc provides general information only, not financial advice. For advice tailored to your situation, consult a qualified professional.