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The Debt Avalanche Calculator is a financial tool that assists individuals in creating a strategic plan to pay off multiple debts efficiently. It focuses on minimizing the total interest paid by prioritizing the highest-interest debt. Users input information about their debts, including the outstanding balance, interest rate, and minimum monthly payment. The calculator then suggests a payment strategy, including the order in which to pay off the debts.
Debt Name | Balance Owed ($) | Interest Rate (%) | Minimum Payment ($) | Action |
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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.
January 19, 2024 • 4 min read
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