Roll-Down Your Credit Card Debt

Paying off credit card debt requires a payment plan and a lot of discipline. Figure out how you can optimize your monthly budget and put aside some funds to put towards your credit card debt. Pay off your highest interest rate card first, and when that balance is paid in full, apply the extra payment amount to the card with the next highest interest rate. By making the same monthly payment even as your debt decreases, you will significantly reduce the total interest costs and the amount of time to repay the debt.

  • The Wolfs

    It appears that there is a problem with the Roll-Down calc, when minimums is unchecked and highest first is checked. I entered a roll-down payment of $250 and three loans (29900@15.24%, with $700 payment, 18000@10.9% with $500 payment, and 10200@3.24% with $335 payment). I get the lowest interest one showing up as NA in the roll-down payment column. In addition the highest interest loan starts at month 1 with a payment of $1360 (not 700+250). If I uncheck the highest interest first, it seems to account for all loans, but otherwise it won't work correctly.