Instructions:

• Debt Name or Description: For each of your debts, including credit cards, loans, or any other type of debt, enter a name or description (e.g., "Credit Card A" or "Car Loan").
• Outstanding Balance ($): Enter the current balance you owe for each debt in the "Outstanding Balance ($)" field.
• Interest Rate (%): Input the annual interest rate for each debt, expressed as a percentage, in the "Interest Rate (%)" field.
• Minimum Monthly Payment ($): Enter the minimum monthly payment required for each debt in the "Minimum Monthly Payment ($)" field.
• Add Debt: Click the "Add Debt" button to add more debts to the list if needed.

Calculate Debt Payoff:

• Calculate Debt Payoff: After entering the details of all your debts, click the "Calculate Debt Payoff" button to initiate the calculation.

View the Result:

• Debt Payoff Strategy: The calculator will perform the calculation and display the recommended payoff plan in the "Debt Payoff Strategy" section.
• Debt Payoff Order: The calculator will suggest the order in which you should pay off your debts, prioritizing debts with the highest interest rates first.
• Total Interest Paid: This is the estimated total interest you will pay over the course of the recommended payoff plan.
• Debt Freedom Date: The calculator will provide an estimate of when you will become debt-free if you follow the recommended plan.

Notes:

• Debt Order: The Debt Avalanche method prioritizes paying off the debt with the highest interest rate first to minimize total interest paid over time.
• Minimum Payments: Ensure that you continue to make at least the minimum monthly payments on all your debts to avoid penalties or negative impacts on your credit score.
• Extra Payments: If possible, consider allocating additional funds each month toward the debt with the highest interest rate to accelerate your debt payoff.

Using this Debt Avalanche Calculator can provide you with a structured plan to efficiently pay down your debts and reduce the total interest paid. It's a valuable tool for individuals who want to take a strategic approach to debt reduction.