Debt Payoff Plan: A 9-Step Checklist You Can Start Today

A plan you can start today beats a perfect plan you start next month. Here's the checklist — each step takes minutes, and the tools below do the math.

Step by step

1. List every debt — balance, APR, minimum payment. All of them, no hiding.
2. Pick a method — snowball (momentum) or avalanche (least interest).
3. Set your extra payment — even $50/month changes everything.
4. Run the numbers — see your debt-free date before you commit.
5. Automate — minimums and the extra payment leave your account automatically.
6. Attack one debt — all extra dollars to the target.
7. Roll forward — when one is clear, its payment joins the extra pool.
8. Track monthly — update your remaining balance; watch the curve drop.
9. Recalculate quarterly — every early payment pulls your debt-free date forward.

The tools that do the work

The free calculator runs both methods instantly. The Excel toolkit turns the result into a printable schedule, a monthly tracker, and a comparison chart — a 30-second setup, then you just update one number per month.

FAQ

This page provides general financial education. It is not financial advice. Consult a qualified professional for personalized guidance.