Take control of your debt —
one step at a time.
Feeling overwhelmed by multiple debts? This free tool helps you see exactly where to focus your payments first, so your money works harder and your stress gets smaller.
About This Tool
What we are providing
When you're juggling credit cards, car payments, medical bills, and more, it's hard to know which debt to tackle first. This calculator takes the guesswork out of that decision.
Enter each of your debts below — balance, interest rate, and monthly payment — and we'll rank them by priority. Debts that are eating the biggest percentage of your income relative to what you owe rise to the top, showing you where to focus your energy first. This tool is free, private, and built by LIFE to help East Texas families move from surviving to thriving.
Developed In Partnership Joshua Bowie
Debt Priority Calculator
Enter each debt's type, balance, interest rate, payment, and a short note. Results are ranked by highest Payment as % of Balance first.
| Debt Type | Balance ($) | Interest Rate (%) | Payment ($) | Notes | Action |
|---|---|---|---|---|---|
Summary
Total Balance: 165,000.00
Total Payment: 2,431.95
Ranking Method: Highest Payment as % of Balance first
Top Priority: Credit Card (4.00%)
| Priority | Debt Type | Balance | Interest Rate | Payment | Pmt as % of Balance | Notes |
|---|---|---|---|---|---|---|
| 1 | Credit Card | 20,000.00 | 24.99% | 800.00 | 4.00% | |
| 2 | Credit Card | 5,000.00 | 22.49% | 150.00 | 3.00% | |
| 3 | Fixed Loan | 40,000.00 | 10.00% | 849.88 | 2.12% | |
| 4 | Mortgage | 100,000.00 | 6.50% | 632.07 | 0.63% |
WHAT WE DO?
Three steps to a clearer picture
Enter your debts
List each debt you carry: credit cards, car loans, medical bills, student loans — anything with a balance and a monthly payment.
Hit Calculate
The calculator ranks debts by which ones cost you the most relative to their balance — showing where to direct extra payments first.
Make a plan
Use the results as a starting point, then connect with a LIFE financial coach to build a personalized payoff plan that fits your life.
Why it matters
Not all debt is equal. A credit card at 24% grows much faster than a car loan at 6%. Without a strategy, minimum payments across the board let interest quietly eat your progress.
AVALANCHE METHOD
Highest interest first
Targets the most expensive debt first. Saves the most money over time — best for those motivated by long-term savings.
Snowball method
Smallest balance first
Clears smaller debts first to build momentum. Best for those who need quick wins to stay motivated and on track.
Our calculator uses the payment-to-balance ratio to surface debts that may be dragging your budget down the most — a practical starting point for either strategy. There's no one-size-fits-all answer, which is why LIFE offers free one-on-one financial coaching.
Ready to go further?
Our certified financial coaches work with you one-on-one — for free — to build a debt payoff plan, create a realistic budget, and take steps toward long-term stability.
Common Questions
FAQs
Is this calculator free?
Yes — completely free, no login required, and no data is saved or shared anywhere.
Do I have to be a LIFE client to use this?
Not at all. The tool is open to anyone. If you'd like personalized support, you can apply for our free financial coaching program.
What does "payment as % of balance" mean?
It's your monthly payment divided by your total balance. A higher percentage means a debt is taking a bigger chunk of your monthly budget relative to what you owe — prioritizing these helps free up cash flow sooner.
Is my information private?
Yes. The calculator runs entirely in your browser. Nothing you enter is stored or sent to anyone.
