Amigo AI - Debt Payoff Calculator
Compare debt snowball and avalanche methods to find your optimal path to debt freedom.
Enter Your Debts
Strategy Comparison
Enter your debts to compare payoff strategies
Accelerate Your Debt Freedom with Amigo AI
Take control of your debt with Amigo AI's smart debt management features. Track multiple debts, get personalized payoff strategies, and receive AI-powered insights to become debt-free faster. Our debt snowball and avalanche calculators help you choose the best strategy for your situation.
Understanding Debt Payoff Strategies
Compare two popular debt payoff methods - the Debt Snowball and Debt Avalanche - to find the strategy that works best for you. Each method has its advantages, and the right choice depends on your financial situation and personal motivation.
Debt Snowball Method
- •Pay off smallest debts first
- •Build momentum with quick wins
- •Stay motivated with visible progress
- •Great for behavioral change
- •May pay more in interest
Debt Avalanche Method
- •Target highest interest rates first
- •Minimize total interest paid
- •Mathematically optimal approach
- •Best for financial optimization
- •Requires more discipline
Tips for Successful Debt Payoff
- •Stop taking on new debt
- •Create and stick to a budget
- •Build an emergency fund
- •Consider debt consolidation
- •Look for additional income sources
- •Track your progress regularly
Types of Debt to Include
•Credit Card Debt
•Personal Loans
•Student Loans
•Medical Debt
•Car Loans
•Store Credit Cards