Your ultimate guide to paying off debt [Tools and Calculators]
Updated April 22, 2024 | Published April 15, 2024
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Categories:
- Debt & Your Credit
At the end of the last quarter of 2023, the average household debt in the United States reached $17.5 trillion while loan delinquency rates rose. Credit card debt reached a record high of $1.13 trillion and mortgage balances rose to $12.25 trillion overall. If you, like many other Americans, have household debt that is higher than ever, there’s still hope for you to create a plan to pay it off. In this guide, we’ve provided you with all the resources and tools to help you manage your debt and find your way back to financial freedom. Follow these links to get you there.
Debt Management Resources
- Debt Payoff Strategies – create a debt payoff plan with the snowball or avalanche strategies. Plus, more tips to lower your bills.
- Money Management Tool – budget and track your spending while forecasting your debt payoff with our Money Management and Debts tools in online banking.
- Manage your student loan debt – you may qualify for one of several repayment plan options that could lower your monthly payments.
- Make extra payments to principal loan balances – easy practices to help pay off your debt faster.
- Beware of debt settlement companies promising debt relief. – These companies will often make you pay for services and leave you in more debt. Read this article from the Consumer Financial Protection Bureau (CFPB).
- Learn how debt collectors are allowed to communicate with you – and what’s considered unfair according to the Fair Debt Collection Practices Act (FDCPA).
Debt Calculators
Use these calculators to help answer your most pressing debt questions.
- Should I refinance?
- Should I consolidate my loans?
- How long will it take to pay off my credit card?
- How much can I afford to borrow?
- How soon can I eliminate my debts?
- How much will I need to save for a major purchase?
Debt Consolidation & Refinancing
- Personal Loans – a personal loan up to $20,000 could help you consolidate credit cards and other high-interest loans to a lower interest rate.
- Home Equity Loans and Lines of Credit (HELOC) – homeowner’s can use the equity in their home to consolidate high-interest loans at a much lower rate.
- Choose a balance transfer credit card with a 0% interest rate intro period – but make sure you pay off your balance before the intro period ends, otherwise you can end up paying up to 30% interest again! Note: opening a new line of credit will affect your credit score.
- Refinance a mortgage – speak with a loan officer to find our if refinancing can lower your monthly payment or your interest rate so you pay less overall.
- Refinance a vehicle loan
Get Back on Track
- Bundle Insurance – lower your payments and save money by bundling your home, auto, RV, or life insurances.
- Get your free credit report once a year – this will show your report but won’t show you your score. You can find free ways to obtain your score at vantagescore.com and ficoscore.com.
- Build or Rebuild your Credit – tips to raise your score and save money while you do it.
- Save money on your winter energy bills
- Save money on your electric bill
Spend Less Without Doing Less
- How to plan a summer vacation on a budget
- How to save money on your wedding
- 12 Tips to help you spend less on holiday shopping
- Protect your savings
Keep up with Webster First for new articles about debt management, saving, and budgeting.
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