Money Management Debts 

Written by:

Baylor Cox

Reviewed by:

• Kayla George

Track all your debts in one place and create a payoff plan using the snowball method, a strategy that can help you get out of debt faster while paying less interest. The debt widget in Money Management can help you become debt-free faster while paying less in interest. 

Snowball Method 

The snowball method helps you pay off debt faster without increasing your monthly payments. As you fully repay a debt, you apply that payment to the next one, gradually increasing contributions without adjusting your budget. 

Debt Prioritization 

Choose a payoff strategy that fits your situation: 

• Fastest payoff first – Pays off debts in the shortest time (standard snowball method). 

• Highest interest first – Saves the most money over time (avalanche method). 

• Lowest balance first – Pays off the smallest debts first. 

• Highest balance first – Pays off the largest debts first. 

To update your priority: 

1. Select the dropdown menu at the top. 

2. Choose one of the four options—the chart updates automatically. 

Debt Chart 

The chart shows your payoff progress: 

• The dotted line represents your timeline with minimum payments. 

• The colored bars show the snowball method’s impact. 

• The right panel displays your estimated payoff date and savings. 

To see your projected debt at a future date, hover over the timeline. 

Debt List 

Below the chart, you’ll see a list of your debts, color-coded to match the chart. Each entry shows: 

• Balance 

• Interest rate 

• Estimated payoff date 

• Minimum payment 

Debt Details 

To view details for a debt: 

1. Select a debt from the list. 

2. Under Schedule, see future payments broken down by principal and interest. 

To update your minimum payment or interest rate: 

1. Select a debt from the list. 

2. Go to Details. 

3. Select the payment or interest rate and enter a new amount. 

Hiding Accounts 

You can exclude debts from the chart while keeping them in reports. 

To hide a debt: 

1. Select the debt. 

2. Open the … menu. 

3. Select Hide from debts. 

To re-include it: 

1. Select the hidden debt at the bottom of the list. 

2. Select Include Account. 

Extra Payments 

To see the impact of extra payments: 

1. Select Total Monthly Paydown. 

2. Enter an amount in Extra Payment Toward Debt—the chart will update with your new savings estimate.