Debt Information
Debt Payoff Analysis
Payoff Time
-
Time to become debt-free
Total Interest
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Total interest paid
Total Amount Paid
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Principal + Interest
Interest Saved
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With extra payments
Debt Payoff Strategies
Debt Snowball Method
- Pay minimums on all debts
- Focus extra money on smallest debt
- Build momentum with quick wins
- Psychological motivation boost
Debt Avalanche Method
- Pay minimums on all debts
- Focus extra money on highest interest debt
- Mathematically optimal approach
- Saves more money in interest
Debt Consolidation
- Combine multiple debts into one
- Potentially lower interest rate
- Simplified payment management
- Fixed payment schedule
Balance Transfer
- Transfer to lower interest card
- Take advantage of 0% APR offers
- Reduce interest payments
- Pay off during promotional period
Debt Management Tips
Create a Budget
Track your income and expenses to find extra money for debt payments.
Stop Using Credit Cards
Avoid adding new debt while paying off existing balances.
Build Emergency Fund
Save ₹10,000-25,000 to avoid using credit for emergencies.
Increase Your Income
Consider side jobs or freelancing to accelerate debt payoff.
Negotiate with Creditors
Contact lenders to discuss payment plans or interest rate reductions.
Automate Payments
Set up automatic payments to avoid late fees and stay on track.