Savvy Saver 7/10/19: How To Pay Down Debt Faster

Budget Tip Of The Week: Use a debt snowball calculator to pay down debt.

Undebt.it is a free debt snowball calculator designed to help you pay down your debt more quickly. The site is designed to manage your debt accounts and will give you a projected payoff date and time so that you’re always on track. The site is encrypted so you can feel safe using it. If you have a lot of debt accounts or if you want to use auto-pay, manage bills, or take part in a yearly savings challenge, then the $12-a-year premium plan may be something to consider. Whichever plan you decide to use to start lowering your debt is worth it, as long as you’re making an effort to pay it off. When you pay down high-interest debt quickly, you end up saving a ton of money because you’ll pay less interest over time. Low-interest debt, like mortgages and student loans, may not need to be paid off as fast since the interest you pay is lower and you probably have a lot more time to pay it off (hello, 30-year, fixed mortgage rates!). With a little bit of help, the right tools and a smart strategy, you’ll be on your way to a debt-free life. [Swirled]

Definition Of The Week: High-interest debt

This is debt (for example, credit cards), where the interest is at least 8 percent. That means that each month you carry a balance on your credit card, you’re being charged the percentage amount of said balance. So pay off the higher-interest balances first to lower your debt quickly. [Investor]

Digit Of The Week: $12,333

The amount you’d end up saving if you invested just $10 per month over 25 years with a 10 percent rate of return (before taxes and inflation). [Swirled]

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Did You Know?

Need an excuse to eat chocolate every day? The antioxidants in the dark stuff can improve your cognitive function! Want more wellness tips and health intel like this every week? Sign up for our Daily Fit by Swirled newsletter!

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