ASK THE STEWARD · PRACTICAL STEPS TOWARD DEBT-FREE LIVING

A path through your debt.

See the numbers. Find a step you can sustain.

Compare paying the highest interest rate first with clearing the smallest balance first. Both keep required payments in view and carry cleared payments forward. Progress can be quiet and still matter.

Invented balances are loaded for a teaching example.

Choose an extra amount that fits after essential bills and required payments. If the minimums themselves are unaffordable, start with your creditors or a qualified nonprofit credit counselor; a faster payoff calculation cannot fix that shortfall.

List the balances you want to compare.

Use simple labels such as “Card 1.” Leave out names, account numbers and other identifying details.

Debt 1

Optional labelBalance ($)Annual interest rate (%)Required payment per month ($)

Debt 2

Optional labelBalance ($)Annual interest rate (%)Required payment per month ($)

Debt 3

Optional labelBalance ($)Annual interest rate (%)Required payment per month ($)

Set a workable monthly amount.

Extra each month, above the entered minimums ($)Zero is allowed. Paid-off debt payments will still roll to remaining debts.First modeled payment monthDates are monthly estimates, not lender payoff quotes.

No bank connection, account or contact details. Figures are calculated in this tab and are not submitted or saved by this tool. Reload or clear the figures to start over.

Assumptions and limits

Each month adds interest at APR ÷ 12, pays the entered minimum on every active debt, then applies the rest of the fixed combined budget to the target debt. Any unused amount immediately moves to the next debt. The highest-rate approach sorts by APR; the smallest-balance approach sorts by the remaining balance after minimum payments. Once a debt is cleared, its payment stays in the combined budget.

Rates and entered minimums remain fixed. No new charges, fees, missed payments, promotional expirations or early-repayment penalties are modeled. Real credit cards may use daily interest and changing minimums. Figures are computed without monthly cent-rounding. Projections stop after 600 months or earlier if a balance grows beyond a useful modeling range.

This tool does not assess affordability, prioritize overdue secured debts or taxes, model student-loan forgiveness, or replace advice for bankruptcy or legal collection matters. It compares only the balances and assumptions you enter. Check actual terms and obtain qualified help when needed.

Understand the choice.

The highest-interest method targets borrowing cost. The smallest-balance method can provide earlier milestones. The CFPB explains both repayment approaches. Reviewed October 12, 2026.

If you cannot cover essential bills or required payments, ask creditors about available arrangements and review CFPB guidance on credit counseling. Avoid assuming that a company promising quick debt relief will solve the problem.

Find practical help for everyday needs or send the Steward a general question. Your figures are not automatically sent with a question.