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Debts Widget

The Debts Widget lets end users to see all their debts in one place and create an expedited payoff plan.

Debts Widget

Key Features​

  • View debts sorted by priority
  • For each account, see the balance, APR, final payment, and amount due
  • Select a debt payoff strategy
  • See and edit total monthly paydown
  • Filter the accounts shown

Debt Payoff Strategies​

Users can select one of the following debt payoff strategies:

  • Fastest payoff first: Debts are ordered by which debt you will pay off soonest, based on balance, APR, and minimum payment. This ordering is considered the standard snowball method.
  • Highest interest first: Debts are ordered from your highest APR to the lowest APR. This ordering is often referred to as the "avalanche method"; it can save you more money over the life of the debt.
  • Lowest balance first: Debts are ordered by balance from lowest to highest.
  • Highest balance first: Debts are ordered by balance from highest to lowest.

The list of debts are sorted by priority, which reflects the debt payoff strategy the user chooses.

Change Debt Priorities​

  1. In Debts, select the Fastest Payoff First dropdown menu.
  2. Select one of the four available options. The chart and all associated calculations will automatically update.

Hide an Account From Debts​

  1. In Debts, select an account from the list under the detail window.
  2. Select the three dots in the top right.
  3. Select Hide From Debts.

The account will be moved to the end of the list, grayed out, and won't be calculated in the chart.

To reinclude an account:

  1. Select the hidden account at the bottom of the debts list.
  2. Select Include Account.

Simulate Extra Payments Towards Debts​

  1. In Debts, select the Total Monthly Paydown dropdown.
  2. Enter an additional amount in the Extra Payment Toward Debt box.

The graph will readjust and show you how much you could save by putting extra money toward your debt.

View Breakdown of the Snowball Method​

The snowball method is a common debt-reduction strategy. It allows you to pay debts off faster without increasing your monthly contribution toward debt.

To use the snowball method, you should “roll over” your monthly minimum payments as each debt is fully repaid. In other words, when you're done paying off a debt, you'll take the monthly contribution to that debt and put it toward another. The total amount you pay each month stays the same, but the monthly contribution to each debt goes up progressively as they are paid off. This can help you get out of debt without the need for painful budget cuts.

To view a breakdown of the snowball method, go to Debts, then select What is Snowballing?.

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