Every term you need to understand on your journey to debt freedom — explained in plain English.
A debt payoff strategy where you pay off debts from highest interest rate to lowest, minimizing total interest paid.
Combining multiple debts into a single loan, ideally at a lower interest rate.
A debt payoff strategy where you pay off debts from smallest balance to largest, regardless of interest rate.
The projected month and year when you will have paid off all your debts, based on your current payment plan.
Your total monthly debt payments divided by your gross monthly income, expressed as a percentage.