This tab is handy for those focused on reducing their debt. The tools found here will help you find which loans to prioritize. It will also help you form a plan on how to attack your debt as a whole.
Once you’ve added all your debts in the Accounts Tab, your debts will automatically be ported into this screen. Under the graph, you should be able to see your debts listed.
Look for any icons that look like Stop Signs or Yield Signs. These are possible errors with the accounts that need to be fixed so that the Debts Tab can be used to its fullest extent. This is also an ideal time to review the balances, interest rates, and minimum payments and make sure they are accurate.
If you do need to change any information, select the loan in question and change the information in the appropriate field in the “Details” section of the pop-up menu.
Debt Payoff Graph
Once you’ve ensured all the debt information is correct, it’s time to analyze the Debt Payoff Graph.
This graph is a visual representation of how much faster you will pay your debt off if you employ the Snowball Method. The Snowball Method works by isolating which of your current loans should be paid first. After the first loan is paid in full, the payment of the first loan is applied to the second priority loan. This pattern continues to snowball until all loans are completely paid. For more information about Snowballing, click on the blue text that reads “What is Snowballing?” on the right side of the graph.
You can change which loans to prioritize paying off first by clicking on the blue text in the top left of the module that, by default, says “Fastest Payoff First.”
You will have these four options as loan priorities:
- Fastest Payoff First
- Highest Interest First
- Lowest Balance First
- Highest Balance First
Selecting any of these options will change the priority of the loans below the Debt Payoff Graph. It will also change the graph’s projections as well.
On the right side of the graph, a small window will indicate when you are estimated to be debt-free. Also displayed will be how much money you will save in interest and how much faster you will be out of debt by following the Snowball Method with your preferred priorities.
We encourage you to switch between the four  priority options to discover which methods will save you the most money, get you out of debt faster, etc. You can now make an informed decision regarding which method works best.
Paying More than the Minimum?
If you have extra income that you would like to add to your debt payoff efforts, click on the blue text that reads, “Total Monthly Paydown:” above the graph.
There will be a field in the pop-up menu that you can enter any amount. Obviously, the more money you can use each month to pay off debt, the faster the debt will be eliminated.