How to Pay Off High-Interest Credit Card Debt Fast
If you are struggling with credit card debt, paying the minimum balance is a trap designed by banks to maximize the interest you pay. To get out of debt quickly, financial experts recommend the Avalanche Method.
What is the Avalanche Method?
You pay the minimum balance on all your debts, except the one with the highest interest rate (APR). You put every extra dollar of your Free Cash Flow toward that highest-APR debt. Once it's paid off, you roll that payment amount into the next highest debt.
How Yoki Automates Debt Payoff
Calculating the Avalanche Method manually on a spreadsheet is exhausting and prone to error. The Yoki app acts as an AI financial coach that automates this for you.
- You input your debts and balances into Yoki's Net Worth tracker.
- The Yoki AI Engine calculates your exact Free Cash Flow.
- Yoki gives you daily tasks, telling you exactly which card to pay and how much extra to send.
- Yoki simulates your exact Debt-Free month and year, updating dynamically as you log payments.