Free Printable Debt Payoff Tracker
Get a clear picture of all your debts in one place. This tracker lets you list up to five debts with their creditor names, balances, interest rates, minimum payments, and target payoff dates. Below that, a 12-month payment log helps you record what you pay toward each debt every month and see your total progress over the year.
Debt Snowball vs. Debt Avalanche: Which Method Is Right for You?
The two most popular debt repayment strategies are the debt snowball and the debt avalanche. Understanding the difference helps you choose the approach that matches your personality and financial goals.
The Debt Snowball Method
With the snowball method, you list all your debts from smallest balance to largest, regardless of interest rate. You make minimum payments on everything except the smallest debt, which gets every extra dollar you can throw at it. Once that smallest debt is paid off, you roll its payment into the next smallest debt. The psychological benefit is real — paying off that first debt quickly gives you a rush of accomplishment that fuels motivation to tackle the next one. Research from Harvard Business School confirms that people who focus on small wins are more likely to stay committed to their debt payoff plan.
The Debt Avalanche Method
The avalanche method prioritizes debts by interest rate, starting with the highest. You make minimum payments on everything except the highest-rate debt, which gets all your extra money. Mathematically, this approach saves you the most in total interest paid over time. The trade-off is that your highest-rate debt might also have the largest balance, meaning it could take months before you get the satisfaction of paying off your first account. If you are disciplined and motivated by math more than quick wins, the avalanche method is likely your best choice.
How to Use This Tracker Effectively
Start by filling out the Debt Overview section with all your current debts. Order them using whichever method you have chosen — smallest to largest for snowball, or highest rate to lowest for avalanche. In the Monthly Payment Log, record the actual dollar amount you pay toward each debt every month. The Total Paid column shows your cumulative monthly effort. As you pay off a debt, cross it out in the overview and redirect those payments to the next target. Print a fresh tracker each year to maintain momentum.
Frequently Asked Questions
Should I pay off my smallest debt first (snowball) or highest interest first (avalanche)?
Both methods work, but they serve different psychological needs. The debt snowball method (smallest balance first) gives you quick wins that build momentum and confidence. The debt avalanche method (highest interest rate first) saves you the most money in interest over time. Research from Harvard Business School found that people who use the snowball method are more likely to eliminate all their debt because the early wins keep them motivated. Choose the method that you will stick with — that is the one that works best.
How do I stay motivated paying off debt?
Staying motivated during a long debt payoff journey requires visible progress and small rewards. Use this tracker to record every payment and watch balances drop month by month. Celebrate milestones — when you pay off your first debt, when you cross the halfway point, and when you make your final payment. Tell a trusted friend or partner about your goal so you have accountability. And remember: every payment, no matter how small, moves you closer to debt freedom.
How long will it take to pay off my debt?
The timeline depends on your total debt, interest rates, and how much extra you can pay each month beyond minimums. As a rough guide, divide your total debt by the amount you can pay monthly above minimum payments to estimate the number of months. For example, if you owe $10,000 and can pay $500 per month above minimums, you would be debt-free in roughly 20 months. Use the 12-month payment log on this tracker to plan your payments and adjust as your situation changes.