One of the greatest challenges many face when it comes to managing their personal finances is figuring out how to pay down credit card debt. Fortunately, Discover cardholders have access to the Paydown Planner, which uses your account information to help you create a payment plan that’s customized to reach your goals.
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How to Use the Paydown Planner
To get started, log in to your Discover account and visit the Paydown Planner page. There you will find a clear picture of your account, without having to spend time retrieving information from your statements. The Paydown Planner automatically pulls up your account’s current balance, interest rate, spending and payment history, and current financing offers.
From there you will be able to create a payment plan in one of two ways. The first is to set a target date for when you want to pay down your balance. You can choose a date as soon as six months from now, or as long away as six years, with many options in between. You can then select a goal of paying off your entire balance or just half of it, and you can even factor in an estimate of how much you will continue to spend on your card each month.
Once you have made these selections, the planner will create a customized monthly plan with a payment amount that will set you down the path to reach your goal. Try out a few scenarios — you can make adjustments to your goal and see how it will affect your monthly payment.
The other way that you can use the Paydown Planner is by starting with a specific monthly payment that you know you’re able to make. Again, you are also able to factor in how much you plan on spending each month on your Discover card, and whether your goal is to pay down your entire balance or just half. The Paydown Planner will then display how long it will take you to reach your goal with your chosen payment. You can continue to tweak your monthly payment to see how long it will take you to reach your goal with different payment amounts until you settle on one that works for you.
Other Ways Pay Off Balances
If you have a balance with another credit card, the Paydown Planner will allow you to include that amount as part of a balance transfer to your Discover card. Discover also offers other tools to help you pay down your balance, including monthly bill payment reminders, online bill payment options and the ability to choose a more convenient billing due date.
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A few minutes with Discover card’s Paydown Planner can help you reach your goals faster than you may have thought possible.