How fast can I pay off my debt, and which order saves the most?

Avalanche, which pays the highest interest rate first, costs the least interest when you pay the same amount each month at fixed rates. Snowball, which pays the smallest balance first, costs the same or more interest, and clears whole debts sooner. One study of clients of a debt-settlement firm (Gal and McShane, Journal of Marketing Research, 2012) found that closing accounts predicted getting out of debt, whatever the dollar size of the accounts closed. With several debts this page shows both, so you can see what the quicker wins cost.

Most of the early payments go to interest. On a $12,000 card at 22% APR with a $360 minimum, paying only the minimum takes 52 months and about $6,700 in interest; adding $300 a month clears it in 23 months for about $2,700. This page holds the payment flat at the first month’s minimum, which is the best case for paying only the minimum. Card issuers usually set the minimum as a share of the balance (often 1% plus the month’s interest), so it falls as you pay; on this balance that would take more than 25 years and cost more than $20,000 in interest. Every card statement must show its own minimum-payment estimate (Regulation Z, 12 CFR 1026.7(b)(12)).

It can be. A card issuer may charge a transfer fee even on a 0% offer (CFPB), and the introductory rate must last at least six months (CFPB). What is left when the promotion ends is charged the regular rate, so the transfer only wins if you can clear most of the balance in time. Choose “0% balance transfer” under “Also compare with” and enter the offer’s fee, length and rate to price it.

When its rate, including any origination fee, is well below what you pay now and you keep paying at least what you pay today. A longer term lowers the monthly payment but can raise the total interest. For scale, the Federal Reserve’s G.19 release reported an average of 22.15% on credit card accounts assessed interest and 11.86% on 24-month personal loans at commercial banks in May 2026; your own offer can differ. Choose “Consolidation loan” to compare total interest and fees.

It depends on the interest rate on the debt, what cash earns, and how steady your income is. A small cushion keeps a surprise bill from going back on the card, and the emergency fund calculator sizes one. Once the cushion is in place, the highest-rate debt is the most expensive place to leave money.

Then the balance grows even though you pay every month. The planner says so instead of showing a payoff date, and when an extra payment is enough to turn it around it shows how long that takes. Paying more than the monthly interest, or lowering the rate, is what makes the balance start to fall.