Quick Look
- In the notes box above (for logged-in users), write down your medium-interest debts, calculate your payoff dates using the links blow, and write down the payoff dates next to each debt.
- Loans with a Specified Term: You can use this calculator from Bankrate or just look at your loan details online if you plan to pay the minimum amount required.
- Credit Card: If you have medium-interest debt that is on a line of credit, you can use this credit card payoff calculator from Bankrate.
Contents
Set That Date
Research shows that when you set a date for achieving a goal, you are more likely to do it. In fact, in the SMART goals framework, the “T” stands for “Timely.” Therefore when it comes to your debt, you want to know precisely when you’re going to pay it off.
When you calculate your debt payoff dates, you may have one of two reactions (and both can be useful). 
- Pleasantly Surprised: Because debt can feel overwhelming, it’s not uncommon to ignore it and just pay whatever you have to, and slowly chip away at it (this can be particularly true if you haven’t consolidated your debts). But when you take the time to calculate when you’ll actually be done paying it off, something that once felt like it was going to take forever, may now feel like it’s within your grasp to pay off in the near future.
If you find yourself in this position, you may be motivated to up your payments or, if possible, make a one time lump sum payment to be rid of it entirely. At the very least, you should feel a sense of satisfaction for seeing how far you’ve come. - Scarily Shocked: If you find yourself feeling this way after you’ve calculated your payoff dates, take a moment and remember this:
Many have been in your exact position before and come out the other side. You too can get there. Additionally, you’re already taking the first and most difficult step: you’re facing your challenge head on.
If you find yourself in this position, use the MoneySwell Cashflow Goals tool to figure out what changes you may be able to make to your income or spending so you can pay your debt off faster. (Consider adding a row within the “Spending” category for your debt minimum payments. Then, add a row in the “Savings” category that represents extra debt payments.)
Action
In the notes section above, write down your:
- Original debt payoff dates before any adjustments you may make
- Planned debt payoff dates after adjustments you may make
- Actual debt payoff dates once you’ve done it
Believe it or not, research shows that taking small steps like those listed above can make a big difference in ensuring you achieve your goals.
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