Create a Debt Goal for any of your debt accounts in HelloWallet! HelloWallet provides guidance on paying down debt with the highest interest first to avoid paying more over time. The Projected Savings & Debt graph will allow you to visualize how making additional payments towards your debt will allow you to pay off debt faster and save money in the long run.
Here’s how to set a Debt Goal:
- Go to the Guidance page, where you will see Savings & Debt Guidance.
- Click the “+ Add a Goal” button, and select “Debt Goal”.
- Select the debt account that you wish to include in your goal. You will see that HelloWallet has categorized your debt accounts based on whether they have a high or low interest rate. Once you have chosen your debt account, click Continue.
Now, you can project your goals with HelloWallet's tools. HelloWallet shows you the minimum monthly payment, the payoff date corresponding to that minimum payment, and the total interest paid.
You have the option to specify an additional monthly payment toward your debt, in order to reach your goal faster. Once you enter your additional monthly payment, HelloWallet will display the corresponding change in payoff date and total interest paid. Be sure to click Save!
If you wish to delete your debt goal, click the trash can icon in the top-right corner of the Debt Goal window.