Debt payoff planner

How fast can I clear my debt?

Add your debts and see your debt-free date when you pay the most expensive debt first or the smallest first.

Your debts

Name

Balance owed

Interest rate

% a year

Monthly instalment

Name

Balance owed

Interest rate

% a year

Monthly instalment

Name

Balance owed

Interest rate

% a year

Monthly instalment

Extra you can pay each monthR 500

On top of all your instalments. Even a small amount shortens the road.

Home loans and car loans usually carry lower rates than cards and personal loans. Add them only if you want to see the whole picture.

How the two methods compare

Minimum payments only

...

debt free in 2 years 3 months

Interest you payR 9 650

Each debt is paid on its own instalment. Nothing rolls over.

Highest interest first

...

debt free in 1 year 6 months

Interest you payR 6 662

Interest savedR 2 988

Extra money goes to the debt with the highest interest rate.

Smallest balance first

...

debt free in 1 year 6 months

Interest you payR 7 073

Interest savedR 2 578

Extra money goes to the smallest debt first, so debts disappear sooner.

Order your debts clear (highest interest first)

Debt	Cleared in
Clothing account	...
Personal loan	...
Credit card	...

Money saved by paying extra

R 2 988

and 9 months sooner

If your debts feel out of control. Debt review is a legal process under the National Credit Act. A registered debt counsellor works out what you can afford and asks your credit providers to accept lower, combined payments. While you are in debt review you cannot take on new credit. Check that a counsellor is registered on the National Credit Regulator's register at ncr.org.za before you sign anything. You are also entitled to one free credit report a year from each registered credit bureau.

Interest is added monthly at one twelfth of the yearly rate, and the same total is paid every month. When a debt is cleared its instalment rolls onto the next one. This is an illustration, not a quote. Fees, insurance and rate changes are not included.

Financial education, not financial advice. Money-Sense does not recommend any product and nothing here is personalised advice. Results depend on the figures you enter and on assumptions that can change. Speak to an authorised financial services provider before you make a financial decision.