Debtless
Payoff methods
How debt payoff calculators work, step by step
The month-by-month loop behind a debt payoff calculator: adding interest, subtracting a payment, and rolling any extra to the next target.
Money decisions, made clearer.
The Debtless Journal
Debtless is a 100% free debt payoff app for iPhone. Practical ways to get out of debt, one decision at a time. Clear examples, useful routines and a free app to put your plan into practice. The Debtless Journal is a free debt blog of practical articles on payoff methods, credit card interest, loans, collections, budgeting and privacy, written for anyone deciding how to pay down what they owe. It turns reading like this into a plan, drawing on 442 articles in this library.
The Debtless Journal articles
442 articles
Credit card debt
What a charged-off credit card means for your plan
What it means when a credit card account is charged off, why the debt is often still owed, and how to plan around it.
Loans & bills
A debt collector called: what to do first
What to do the first time a debt collector calls or writes, including what information to ask for before you confirm anything.
Life & debt
Timing a debt-free date around a life event
How to work backward from a wedding, move or other date to find the monthly payment that gets a balance to zero in time, and what to do if unrealistic.
Getting started
Debt payoff glossary: 25 terms in plain English
Twenty-five debt terms explained in plain English, grouped by what they describe: cost, account type, payoff strategy and collections.
Payoff methods
Why two payoff calculators give different dates
The hidden assumptions, like a fixed payment versus a shrinking minimum, that make two debt calculators produce very different payoff dates.
Credit card debt
Settling card debt: costs, taxes and credit effects
What to weigh before settling a credit card balance for less than owed, including possible tax and credit report effects.
Loans & bills
How to ask a collector to validate a debt
Debt validation is a written request that forces a collector to prove you owe a debt before they continue collecting it.
Payoff methods
What "interest saved" means in a payoff plan
Why an "interest saved" figure only means something next to a stated baseline, and how to calculate your own honestly.
Credit card debt
Debt management plans for card debt: how they work
How a nonprofit debt management plan combines credit card balances into one payment, often at a reduced rate, and what changes.
Loans & bills
Old debts and time limits: check before you pay
A statute of limitations is the time limit a creditor or collector has to sue you over unpaid debt.
Payoff methods
Avalanche with a tiny balance: clear it or stay?
Whether to detour from strict Avalanche order to clear a tiny balance first, and what that detour actually costs in extra interest.
Credit card debt
When rates move: what happens to your card APR
How a variable credit card APR is tied to a rate index and how to notice and plan around a rate change on your statement.
Loans & bills
Wage garnishment: how it works and what is protected
How wage garnishment generally works, which benefits are typically protected from it, and what to do if you're served with a lawsuit.
Payoff methods
A payoff plan when you have only one debt
Why a payoff order doesn't apply with a single debt, and how adjusting your payment amount is the only real lever you have.
Loans & bills
Negotiating a settlement with a debt collector
How to figure out what you can actually afford to offer a collector, get any deal in writing, and what a settlement can mean at tax time.
Payoff methods
Payoff order when one debt has a co-signer
Why a co-signed debt can deserve priority regardless of its rate, since a missed payment puts another person's credit at risk too.
Loans & bills
Chapter 7 vs. Chapter 13 bankruptcy: a plain overview
The basic difference between Chapter 7 and Chapter 13 bankruptcy, the counseling requirement both share, and why an attorney matters.
Loans & bills
How to choose a credit counseling agency
What a nonprofit credit counselor actually does, questions to ask before signing up, and how to check that an agency is legitimate.
Loans & bills
Debt relief red flags: fees before results and big promises
The warning signs the CFPB lists for debt relief companies, including upfront fees, guarantees, and advice to stop paying creditors.
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