How can I retire debt faster?

Analyze how to retire debt faster by determining what your payment is now and then how you can make additional payments to accelerate payoff. You can calculate how long it will take to pay off your highest interest rate debt or the smallest debt amount first. Then reapply the amount you HAD been paying for that first debt to the next highest debt, and so on. You'll soon create an accelerating snowball effect that retires your debt faster.

  1. Determine what your total debt payment is now–enter in all debt balances, minimum payments, actual payments and interest rates.
  2. Increase the amount of your payment on your highest rate debt (or your lowest total debt–if that's what you've chosen to do) and enter at least the minimum on all other debts.
  3. Once the first debt is paid off, continue to budget the same amount monthly and make accelerated payments to the next debt, and so on.

The calculator will sort the debts for you when completing the analysis. You can also enter any extra amount to the total payment to accelerate debt payoff even further.

Current Debt Information

CreditorBalanceMinimum
Payment
Actual
Payment
Interest
Rate
(0% to 40%)
Debt-1 ($)
Debt-2 ($)
Debt-3 ($)
Debt-4 ($)
Debt-5 ($)
Debt-6 ($)
Debt-7 ($)
Debt-8 ($)
Debt-9 ($)
Debt-10 ($)
Debt-11 ($)
Debt-12 ($)
Debt-13 ($)
Debt-14 ($)
Debt-15 ($)
Debt-16 ($)
Debt-17 ($)
Debt-18 ($)
Debt-19 ($)
Debt-20 ($)

Additional Debt Payments

Assumptions

This calculator can be a helpful starting point for you to approximate answers to specific financial questions. It may help you analyze your financial strategy. It is not a substitute for financial planning advice and we recommend that you consult your financial advisor for a complete analysis.

It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. This service shall not infer that company assumes any fiduciary duties. In addition, such service should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results. These are hypothetical examples for illustrative purposes only, and may not be used to project or predict results.

Securian Financial Group, Inc.
www.securian.com

Insurance products are issued by Minnesota Life Insurance Company in all states except New York. In New York, products are issued by Securian Life Insurance Company, a New York authorized insurer. Minnesota Life is not an authorized New York insurer and does not do insurance business in New York. Both companies are headquartered in St. Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.
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