Avalanche or snowball?

Paying the highest interest rate first always costs the least interest. Paying the smallest debt first clears debts sooner one by one, which some people find easier to stick with.

Should I pay more than the minimum?

Yes, if you can. Minimum payments on a credit card mostly cover interest, so what you owe falls slowly. Every extra euro comes off what you owe and saves interest at the card's rate.

Money

Plan to clear your debts

See when you'll be debt-free and how much interest you'll pay, clearing the highest rate first or the smallest balance first.

Self-assessment tool. The figures come from your own answers. It isn't advice, and you're responsible for what you file or claim. heypenny.ie is a trading name of Kinch Press. Read the disclaimer.

Common questions

Avalanche or snowball?: Paying the highest interest rate first always costs the least interest. Paying the smallest debt first clears debts sooner one by one, which some people find easier to stick with.
Should I pay more than the minimum?: Yes, if you can. Minimum payments on a credit card mostly cover interest, so what you owe falls slowly. Every extra euro comes off what you owe and saves interest at the card's rate.

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