Student Loans Impacted my Credit
Student Loans

How Student Loans Impacted my Credit

Student Loans Impacted my Credit

When I graduated grad school in 2015 I had a plan in place to pay off my $200k in student loans. I had a teaching job lined up and planned to find some extra tutoring jobs to increase my income. I had just started really looking at my personal finance in the months leading up to graduation, started budgeting, created my plan, and started looking at my credit score. I always thought my credit score was my lifeline to doing anything in my future and I only assumed that with my crippling debt that my score would be horrendous. Boy was I wrong, my student loans impacted my credit, but in a way I never imagined.

Of course, my student loans did impact my score, they obviously come up, but they didn’t impact it the way I had thought they would. My assumption was that my credit score showed how much debt I had, so my score would be terrible. How could it not be terrible when I was 22 years old and had accumulated $200k in student loans? What I didn’t realize was that your credit score simply shows how good you are at managing all the debt you have accumulated, the amount you have doesn’t necessarily matter. For example, if you keep your credit usage under a certain percentage, you have a good score because it shows you are good at managing your debt. If you always make your payments on time, you have a good score because you are good at managing your debt. My score at 22 years old fell in the “good” range, which excited me because I assumed I could get it to excellent quickly and refinance my student loans.

Again, I was very wrong about my credit score and how it is used. Within one year my score fell within the excellent range, I was so excited to refinance my student loans with a lower interest rate. The time didn’t matter to me, I wanted the lower interest rate to apply more money to the principal each month. With my excellent score set I did the paperwork to apply to refinance my student loans. Originally I was “pre-qualified” for a wonderful interest rate of 5%, a HUGE improvement from my 8% loans I was dealing with. This was simply based on a soft credit pull, meaning it doesn’t impact my credit score, but they get my credit score number. So, based on my lovely “excellent” score, I was viewed as a “safe” borrower and was rewarded by a great interest rate. That is until they did the final hard credit pull to determine my definitive refinanced loan. I was quickly denied because my debt to income was too high. So even though I had an excellent credit score, partially due to making 100% on time payments, I was denied because I had too much debt.

This was a part of my debt free journey that I didn’t expect. I was making huge payments every month, well over the minimum and had my nice “excellent” credit score, but still couldn’t help myself pay off my debt quicker because I had too much of it. This is where the credit score doesn’t make sense. I stuck to my plan and have now paid off 4 of those private student loans and every time an account closes, my score drops briefly. So, as I’m lowering my debt, lowering my debt to income ratio, my score drops initially, followed by an increase. Do you check your credit score regularly? How has it impacted your debt free journey?

 

Debt Snowball or Avalanche
Student Loans

Debt Snowball or Avalanche?

Debt Snowball or Avalanche

This post may contain affiliate links. Check out my Disclosure Policy for more information.

This is something I really struggled with when I began my journey to financial freedom. When I first began I was really into Dave Ramsey and using his baby steps. It’s what started this whole thing for me. As I did more research and learned more about personal finance, I was stuck with trying to decide which method I should use to tackle my debt. There are pros and cons to each and you ultimately need to decide what is the best method for you. But, I hope this can help make your decision a little bit easier. There is also a wonderful tool you can use to figure out what the best method is for you and your debt free date, you can read a review about it here.

Debt Snowball

This is the method that Dave Ramsey always recommends, and it is a great method for tackling debt. This strategy involves listing your debts from smallest to largest amount. You focus on your smallest debt first throwing all of your extra money at that debt, the rest of your debts get just the minimum. This allows you to make traction on one account. Once you have paid off the first debt, then all the money you were putting to it goes to your next smallest debt. This continues until all debts are paid off. This allows you to experience quick wins in the beginning and motivates you to keep going once you get to the larger debts. If you are someone with consumer debt, I would definitely recommend this method because it will help you when you are first changing your habits. This is also beneficial if you don’t have a lot of debt because if you can get out of debt in 2 years or less, interest won’t really make a huge difference in the big picture of your debt payoff. The negative of this strategy is that if you have large debts with high interest rates that will take you a long time to pay off, then you will lose a lot to interest.

Debt Avalanche

The other strategy is the debt avalanche, which is very similar and follows the same system of the snowball method. The difference is that instead of listing your debt smallest to largest by amount, you list them largest to smallest by interest rate. Once you have your list, you focus on the debt with the highest interest rate first and everything else gets the minimum payment. When the first debt is paid off, you move onto the next highest interest rate. This is good for people that only have student loans and don’t necessarily need the motivation of paying off debts in the beginning. The biggest positive of this strategy is that you save money in the long run and is good for people that are going to need multiple years to pay off their debt. This allows you to save the most possible money during your debt payoff. The negative of this method is that you might not experience any debts being paid off for a little while if your biggest interest rate is your largest debt.

I personally use the debt avalanche method, which took me awhile to decide on. Ultimately, I knew it was going to take me many years to pay off my student loans of $201k and my sole motivator was paying them off fast and saving the most money in the process. Which debt payoff strategy do you use?

How to Get Out of Debt Fast
Student Loans

How to Get Out of Debt Fast

How to Get Out of Debt Fast

This post may contain affiliate links. Check out my Disclosure Policy for more information.

I know I’m not debt free yet, but I have paid off a hefty amount of debt in a very short amount of time. In my first two years, I have paid off $70,000 of my student loans. So even though I haven’t completely paid them off, I have clearly created a solid plan to get out of debt fast. This didn’t happen over night, it takes time and clear planning to create a strategy that works for you. Follow my steps to get yourself out of debt fast!

How to Get Out of Debt Fast Step 1: List Your Debts

The very first thing you need to do is figure out just how much debt you actually have. Create a list of all of your debts, including the total amount and interest rates and total them all up. This is going to be a tough step, it was for me at least. It was a total reality check and made me realize just how much debt I actually had. When I first started, I had about $201,000 in student loan debt. Don’t get discouraged by your number, get angry and motivated!

How to Get Out of Debt Fast Step 2: Track Your Spending and Income

You need to figure out how much money you have coming in and how much is going out each month. This is going to help you create a budget. I created a Mint account for myself that allows me to track all of my spending and create budgets within the app. Once I figured out how much money I had coming in and going out each month I was able to see how much I would need to budget for each month.

How to Get Out of Debt Fast Step 3: Create a Budget and Stick To It!

This is one of the most important steps in this process. After you’ve tracked your spending for a month you can see exactly where your money is going. This made me realize how frivolous I was being and quickly made me look for ways to cut my budget in certain areas to get more money towards my loans each month. Once your budget is made you need to stick with it and do whatever you can to find ways to come in under budget each month. In the beginning my budget was changing every month, that’s okay! I got super creative and found unique ways to cut my spending more than I originally did when I first created my budget. Your budget can be changed at any time, but I don’t suggest adding more to your budgets because that is just enabling you to spend more and put less towards your debt. This will also let you know how much you can put towards your debt realistically.

How to Get Out Of Debt Fast Step 4: Create a Payoff Plan

This was the most exciting part for me. You need to figure out what strategy you want to use. My suggestion is to use a website like undebt.it to create a plan for you. This way you can pick the type of plan you want, snowball, avalanche, combination, and see your debt payoff date. Also, you will be able to see how much adding more money to your snowball will change your payoff date. This continues to be incredibly motivating for me because when I make a large extra payment, I see my debt free date get closer immediately. Once your plan is created, you just need to make sure you follow it each month.

How to Get Out of Debt Fast Step 5: Create More Income

Now that you have a plan and a budget, it’s time to find ways to make more money. I have my teaching job, but I spend about 10-15 hours each work working my side hustles of tutoring and occasionally babysitting. I’ve gotten to the point now where I can comfortable live on my side income each month on my current budget. My entire paycheck, plus some of my side income, goes straight to my debt now. This absolutely took time, about a year and a half to be exact, but it was a wonderful day when it finally happened.

How to Get Out of Debt Fast Step 6: Live and Adjust

Now that you have a plan in place for your spending, income, and payoff, you need to stick to the plan, reflect, and adjust. At the end of every month I look over my budgets, income, spending, and debt payoff and I reflect on the month. If I notice that over a few months I was under budget in a certain category I change that budget to free up more money to go to my debt. My budget has changed drastically in the last two years, mostly because I’m constantly thinking of ways to save more money each month to put more money to my debt. In order to really pay off debt fast, you will need to constantly be doing this step each month to find more ways to make your money work for you.

Once you have your plan in place, this crazy debt free journey doesn’t seem so daunting. I know for me, once I created my plan I felt a huge weight off my shoulders because I finally saw that I could do this sooner then the 20 years that my loan provider said. It is possible and you can do it, as long as you create a plan and stick to it. What is your plan to get out of debt fast?

Why I Use Credit Cards During my Debt Free Journey
Money Management

Why I Use Credit Cards During my Debt Free Journey

Why I Use Credit Cards During my Debt Free Journey

Now, I know this probably sounds totally crazy. This girl is in massive student loan debt, $127k right now to be exact, and she’s going into more debt?! And I know, I am a Dave Ramsey follower, and I do follow the baby steps that he outlines, I’m currently on baby step 2. But even those, I don’t follow exactly because I can’t give up the compounding interest I’ll benefit from by starting my investments now, even if they are small. So no, I don’t use the envelope system he preaches, and maybe that doesn’t make me a true DR follower, but when I tell you my reasons, I think it is more than justified.

Why I Use Credit Cards During my Debt Free Journey

Of course, I follow a very strict budget each month, one of which includes paying my credit cards in full each month. This is the only time using a credit card is beneficial. If you ever pay any interest on your cards, you’re losing money. No matter how great your rewards are, if you pay interest, it’s not worth it. The habit you are developing of not paying your card in full is much worse in the long run. Set it to auto pay in full and never turn back. When you don’t pay interest on your cards and only reap the benefits of a rewards credit card, it is totally worth it to use them instead of an envelope system. Currently I use my rewards strictly as cash back that goes directly to my student loans. I earn FREE money just for using the card because I am paying my card in full each month. Just using this strategy alone, I’ve applied $400 in cash back to my student loans in the last two years. I’d say that’s worth it, but I also never even think about carrying a balance.

Why I Don’t Recommend This to Everyone

This strategy will absolutely not work for everyone and I don’t recommend this if you are working to pay off credit card debt. My only debt I have is student loans and I’ve never had credit card debt, except the amount I pay each month. If you are someone that is working your way out of or have had credit card debt in the past, then I absolutely don’t agree with you using any type of credit. If you know you have had issues with credit cards in the past, it is a horrible rabbit hole to fall down again. You definitely don’t want to open yourself up to potentially getting back into debt or increase your current debt.

This won’t work for everyone, and of course it is not recommended for people that strictly follow the Dave Ramsey model. But, this works for me and has been a great tool to pay off a chunk of my debt. So, where do you stand on using credit cards?

Debt_Free_Journey_Update
Student Loans

Debt Free Journey Update: $70,733.11 Paid Off

Debt_Free_Journey_Update

I graduated from graduate school in August 2015 with about $200k in student loans from undergrad and grad school.  My private loans went into repayment on November 2nd, 2015 and my private loans in March 2016. My debt free journey has been going on for two years now. I truly can’t believe it’s already been two years and I think it’s super important to reflect on my last two years of repayment to see ways I can improve my current plan.

Total Principal Paid Off to Date: $70,733.11

Current Payoff Date: October 2021

Debt Free Journey: How I Paid $70,733.11 towards my Student Loans in Two Years

  1. Sacrifices. As a twenty something who recently graduated from grad school, the first thing I always wanted to do was rent my first apartment and start my teaching career. However, I knew that wasn’t the best choice for my current financial situation. Instead I found a teaching job 20 minutes from my parents house and moved back in with them. This was the biggest way I have been able to pay off so much in two years.
  2. Budgeting. These past two years I have really cracked down on my budget and tried to be very strict with it. This has helped me immensely to pay down my debt.
  3. Side Income. This was huge for me in the last two years. Throughout the year I managed to add 4 different streams of side income through 2 different after school programs, private tutoring, and babysitting. At this point, I can completely cover my monthly expenses through my side income with some left over, my entire salary and some of my side income go straight to my loans. Find out how I make on average $1,200 per month in side income.
  4. Debt Avalanche. Since I have such high interest rates, I have chosen the avalanche method. This allows me to focus on my highest interest, largest accounts first and then apply that payment to my next account. This continues until all accounts are paid off. This has been working out wonderfully for me. I paid off three accounts in two years and was able to apply those payments to my next account making that payment even larger. This has helped my loans get paid off even faster.

Debt Free Journey: My Plan to Make Even Larger Payments

  1. Selling Items. Recently I have started purging my belongings that I don’t use anymore, like clothes and purses. It is crazy how much stuff we accumulate and don’t even realize it. In the next year I am planning to get more serious about selling my items I don’t use anymore to apply that money to my debt.
  2. Side Income. In the last year I have added many new students to tutor, it is now getting hard to schedule new clients because my schedule is so booked. I’m now going to focus more on creating income streams from my computer. I plan to find new ways to make money from home, since I have reached my maximum amount of babysitting and tutoring I can realistically schedule.

I’m very proud of myself for being able to make my money work for me and pay off so much of my student loans in two years of repayment. My goal was to finish paying off these loans by my 31st birthday, which would be April 29th, 2023, since I have clearly met that goal, my new goal is do everything I can to pay these off before my 29th birthday, which is April 29th, 2021. I’m so excited to improve my strategy and plan to pay off even more in the next year to pay off my debt even earlier! How much were you able to pay off in two years of repayment? What was your strategy?

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Healthy Lifestyle on a Budget
Money Management

Healthy Lifestyle on a Budget

I began my debt free journey in November of 2015. It truly became a reality that I was in over $200k of student loan debt while I was completing my graduate studies. During grad school I completely changed my life to save as much money as possible. I started meal planning and got my grocery budget down to under $150/month. I was proud to get my groceries this low, but I also was dealing with my chronic sinusitis and migraines at the time. Eventually those two things wore me out, especially the migraines. I had sinus surgery in 2012 and was taking so much preventative medicine, only to still feel congested, always have headaches and averaged 1 migraine every week, sometimes up to 5 per week. I was over it.

Healthy Lifestyle on a Budget

Around this time my coworker mentioned to me that her daughter’s doctor recommended they cut out dairy from their diet when they had chronic sinus problems. She also suggested I do some research to find out what else caused inflammation in the sinuses. So, I went home and did my research. The two major things I knew I could quickly change was dairy and switching to organic. But, I knew my budget was going to suffer drastically from the organic. Desperation to get rid of my migraines pushed me to ultimately try the new diet.

Yes, my budget jumped to being under $200/month once I switched to organic. I expected at least this, but a lot happened that I didn’t expect. After about a month, I no longer needed my migraine medicine or my allergy medicine (I wasn’t even allergic to anything, my doctor told me I was sensitive to everything), this saved me about $50/month. And look at that, I just made up my grocery budget going up 🙂 Eventually, I stopped seeing my ENT all together, I was no longer getting sinus infections, and it was very rare that I got sick. I went from seeing doctors more than once a month, to seeing them once a year for a physical.

I used to have a medical sinking fund, that’s how much money I used to spend consistently on my medical expenses. Between the co-pays and medicines I consistently took, it was a ton of money. I no longer save any money for medical expenses because I’m no longer needing to do any of the things I used to do daily just to still feel awful.

Some people might argue that it isn’t frugal of me to be spending so much money on my food, or spending money on my at home work outs. Everyone has a different definition of frugality and mine has definitely changed over the last few years. What I realized was that even though I was spending an incredibly small amount for preventative health (nutrition, exercise, etc.), I was spending a ton of money on my reactive health, medicines, doctors appointments, surgeries, etc. In the long run, I feel that this is going to save me the most money, so that’s why I made the change.

Healthy Lifestyle on a Budget

I shared my reasons why I switched to a healthy lifestyle and how it has changed my budget. If you’re interested in even more tips, follow this link and I’ll happily add you to my private Facebook group 🙂

Using Gift Cards to Get Through the Hard Months
Money Management

Using Gift Cards to Get Through the Hard Months

When I began this debt payoff journey I was $200k in student loan debt, just starting my first year teaching, moving back home with my parents, and had no idea how I was going to manage this whole thing. I had a plan, I had a job, and I was starting to create some great side income streams. Then, the summer started. This should be the best time for a teacher, right? Wrong. No paycheck for 2 months when you have a $1,400 minimum loan payment to make each month is stressful. Of course, I had saved money throughout the school year for those two months in order to make at least my minimum. And of course I had some side hustles going on to bring in some income, but it was no where near my salary. That’s when I discovered using gift cards to get through the hard months.

Using Gift Cards to Get Through the Hard Months

When you don’t have your income like you’re used to, but you know it’s going to happen, it’s great, solely because you can plan for it. I was able to save enough money each month to cover my bills in the summer and start thinking creatively about my money. That’s the crazy thing about being in crippling debt, you start to think super creatively in order to get more money in your pocket.

About the same time I started to panic about not having my paycheck, I was also doing a huge purge of my things. I was hoping to sell some things to make some extra money. In the process, I found a TON of unused gift cards. That’s embarrassing to admit HA! I literally stashed them probably years ago and totally forgot about them. But, that got me thinking, why don’t I use these to help me in the summer?

So I survived my first summer without my salary and knew what I needed to do for the following summer. I saved each month for the summer so I could pay my bills and I hoarded every single gift card I received. Now, to clarify, if it was a restaurant one, or clothing, I didn’t necessarily keep it. The ones I kept were the ones that could be used anywhere, like Visa or Mastercard gift cards. And I absolutely kept Target gift cards because this teacher loves that place for back to school! So, what are the creative ways you have come up with to make ends meet when your pay isn’t consistent?

July Debt Payoff
Student Loans

July Debt Payoff

I started my debt payoff journey in November 2015 officially. That’s when my student loans officially went into repayment and I started throwing all of my money at my debt in order to pay it off as soon as possible. Since then, I’ve made many changes in order to increase my payments every month. When I first made my plan, my debt payoff date was just before my 31st birthday. My goal is to get that date closer and closer every month by improving my budget and increasing my income. I’m going to share with you all a breakdown of my loan payments and how I increase my monthly payment. I’m also hoping that by sharing with you all my goals, it will hold me more accountable to work towards them.

 July Debt Payoff

Income

The summer is tough for teachers, I don’t receive my normal paycheck in the summer, I’m on a 10 month salary. That means my income is strictly from my side hustles. However, I do save $300 every month during the school year, so I can afford my debt payoff on a 10 month salary. Here’s a breakdown of where my money came from this month.

Fitness Coaching: $100.00

Tutoring/Babysitting: $1,129.76

Summer School: $506.83

Ibotta: $30.50

School Year Savings: $1,500.00

Total: $3,267.09

Expenses

I save a lot in my expenses by living at home. I don’t have rent or utilities to pay each month, which saves me a ton of money and allows me to put a lot more towards my debt. My expenses here do not include my loan payments or my investment accounts. In July my expenses were $693, which includes my groceries and gas.

Loan Payments, Savings, & Investment Accounts

It might come as a surprise, but I actually contribute money every month to my savings and investment accounts. I know this is not typical for most people on their debt free journeys, but for me, while I am living at home, I am contributing $100 each month to my high yield savings account and investment accounts.

My current debt payoff date is September 2021, I’ll be 29 years old. I have been able to make significantly greater payments then I originally thought I could thanks to my side hustles. In order for this date to stay the same, I need to at least pay $3,166.71. My loan payment for the month of July was $2,473.92. This means I came in short this month, but considering I was working strictly from side hustles, I’m pretty proud of this number. This just encourages me to work even harder come September when I’ll have my salary back.

How_To_Lower_Your_Grocery_Budget
Money Management

How to Lower Your Grocery Budget

This post may contain affiliate links. Check out my Disclosure Policy for more information.

When I first started my journey for financial freedom, my spending was out of control. I remember looking at my spending and thinking, “There’s no way I can lower any of these budgets.” I especially thought of this when looking at my spending for my groceries. It’s really hard to think about cutting costs when you think you’re doing the best you can at the time. You need to get creative sometimes and think about how you can get the most food for your money by learning how to lower your grocery budget.

How_To_Lower_Your_Grocery_Budget

1. Look at your current spending vs. food

The first thing I did was look at my old receipts. I never used to even look at how much items cost when I would buy them, I wanted to eat it that week, so I bought it. What I realized when I looked at them was that I was spending SO much on frozen foods and prepared foods. Now, ironically at the same time I was switching to an organic diet for health reasons. I thought I was going to be spending so much more (honestly I didn’t spend much more because I was buying everything fresh.) Frozen foods and prepared foods are crazy expensive because you’re paying for convenience. This also goes for veggies and fruits cut up, SO expensive.

2. Pick your meals for the week

I’m not saying go crazy meal planning. Just plan out what you want for breakfast, lunch, and dinner. Since it’s just me, I typically have the same dinners or lunches multiple days a week. It’s pretty difficult to cook for just one person and keep with correct portion sizes. So, I use my leftovers for the following days lunch or dinner, this allows me to plan, and buy, for less meals. Keep in mind what you found when you looked at your receipts, keep your meals simple and fresh to save cash. I also recommend making similar dishes throughout the week so you can use the same ingredients. For example, I buy a package of chicken breasts and ground turkey each week and make that work each week. I change up the marinade or the spice to add variety to my meals. When I was in grad school and living the serious broke student life, I regularly had rice, veggies, and half a chicken breast. It’s easy, healthy, nutritious, and relatively cheap.

3. Make a grocery list

Once you have your meals planned for the week, make a grocery list based on your meals. Once you have your grocery list made review it to see if it’s under your budget. If it’s not, revise your meal plan. Is there a cheap meal that you could make last more nights and get rid of a different meal? Do you have things in your pantry or fridge you could use to make a meal? Sometimes my meal planning and grocery list takes me quite a bit of time, but I’m always happy with my results once I pay for my bill. Take the time to plan well and it will pay off in the end.

4. Check deals at the grocery store

This is a tricky one. I don’t mean buy anything on sale. You should always stick to your list. However, if you notice that something is on sale this week that is a staple in your diet (chicken, rice, etc.) that you can freeze or has a long shelf life, buy more than you need. This will make your budget higher this week, but will save you in your monthly spending on groceries. I do a monthly budget, so if I need to take more one week to accommodate for this, I will. Also, I will make swaps in my grocery list if something similar is on sale. For example, if I wanted to buy grapes, but apples are on sale, I’ll buy the apples. These are snacks for me, so I can easily snack on a different fruit and try to find the cheapest one.

5. Use rebate apps

The three rebate apps I use are Checkout51, Ibotta, and Receipt Hog. Now, I never check my apps before I go to the grocery store, only afterwards. The reason I do this is because I don’t want to get sucked into buying things I don’t need simply for the rebate, that’s going to make me spend money unnecessarily. Ibotta is a rebate app that allows you to search the store, restaurant, service, etc (they even have Uber!!) that you’re using for cashback. You simply scan your receipt, click the rebates you’re claiming, and will get some money once it is cleared. Use my link to get a free $10 just for signing up! Checkout51 works exactly the same, but you don’t need to specify where you shopped. Receipt Hog is a little different, you just take a picture of your receipt and get points, once you have enough points you can claim it for cash back or gift cards.

These are the tricks I used to get my budget on track for my groceries. It might seem tedious and a lot of work, but once you get it going, it really is very simple. Plus, you’re going to save money in the end, so why not! How do you lower your grocery budget?

 

A_Review_of_my_Favorite_Debt_Payoff_Tool
Student Loans

A Review of my Favorite Debt Payoff Tool

This post may contain affiliate links. Check out my Disclosure Policy for more information.

Back in November of 2016 my debt payoff world came crashing down around me. My favorite debt payoff tool, ReadyForZero, was no longer going to be offering their tool. This tool had the works, everything I could have asked for, and it was free! I’ve spent months trying out new tools and just couldn’t find one quite like ReadyForZero and felt as though I was settling with the one I was using. Then, I stumbled upon undebt.it and my debt payoff once again feels organized and is motivating me once again. Here’s a review of my favorite debt payoff tool!

A_Review_of_my_Favorite_Debt_Payoff_Tool

Many Different Options

One thing I really like about undebt.it is that there are different options of plans based on what you want from the tool. There is a free version that allows you to input all of your debt information, a customized payoff plan based on what strategy you want to use, and keep track of your payments on your accounts. The tool updates your totals for you once you add payments and allows you to see how much debt you have paid off and when you will be debt free, my favorite part!

Debt_Payoff_Tool_3

They also offer undebt.it+, which costs $12/year and gives you access to everything that the free account gave you, and then so much more. With the plus account you are able to manage bills, get payment reminders via text message or email, an account summary emailed to you monthly, projections and stats to represent your debt payoff, and so much more!

Motivation

This tool is incredibly motivating and makes it so easy for someone new to debt payoff. Once you input all of your accounts they create different plans for you and you get to pick which one is best for you and your situation. I personally use debt avalanche because I have such high interest rates and large loans.

Debt_Payoff_Tool_1

They keep on every page you go to in the top right corner your current progress on your debt payoff. I LOVE this feature. I find it so motivating to see if the debt payoff day changes when I make extra payments and see the percentage paid off get larger.

Payoff Plan

Once you have picked your plan, they create a debt snowball table specific to your plan. I love this feature because it tells you exactly what to pay on each of your loans to stick to your plan. For someone who is new to debt payoff and not totally sure how to navigate it, this would be so helpful! I also love that your payments that you already made for the current month are in blue so you know exactly where you stand in the plan.

Debt_Payoff_Tool_2

I really love this tool and I am so happy I found it finally. What I really love about it is that the creator of this tool was just paying off his own debt and needed a tool to use and he wasn’t happy with any of them out there. I love that he took initiative to help himself and so many others pay off their debt. I personally really like this tool and found it very helpful immediately after I set up my account. I highly recommend this tool, especially for people who are just starting their debt payoff journey and could use a tool to help them get started. One downside of the tool is that they don’t have an app for your cell phone. The website does load nicely on my iPhone, but no app is currently available. What tool(s) do you use to manage your debt payoff plan?

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