Understanding Debt Quencher

Debt Quencher is a solution for anyone suffering from credit card debt and looking for a way out. All you have to do is enter each credit card along with a balance and an interest rate and Debt Quencher gives you a plan for paying down your debt. Not only do you get a payoff plan, but three plans with a suggested best solution.

Debt Quencher uses the “snowball” method of debt repayment. This means you pick a total amount each month to spend reducing your debt and that gets spread across each account. As each account gets paid off, you apply that payment to the next account in the list instead of reducing how much you pay each month.

This accelerates your payoff by generating larger and larger payments for the credit cards at the bottom of the list. It’s a fantastic way to make the most of the money you set aside to eliminate debt.

Debt Quencher Main Window

Payoff Method

If you pay the minimum payment on your credit cards, you’re paying the maximum amount of interest and may never pay off your debt. For comparison, Debt Quencher shows you how much you will pay if you just pay the minimum. Additionally, it shows you how much you will save by using the three most popular methods:

  • Highest Interest — Your accounts are sorted by interest rate with the highest on top. This is typically the best way to pay down your debt if you want to save the most money.
  • Lowest Balance — Your accounts are sorted by initial balance with the lowest on top. This isn’t the best way to save money, but it feels great to knock accounts off your list.
  • Highest Balance — Your accounts are sorted by initial balances with the highest on top. This may be the test way to save money, but it can be hard when you don’t see as much progress.

Debt Quencher points out the best method, but you can select any method and see the sort change and the number payments update in the payments drawer and on the printout.

Additional Payment

Debt Quencher gives you a place to add an additional payment amount each month. This is a great “what if” tool. Instead of toying with each account payment amount, simply change the additional amount and see how that affects your number of payments and the interest you save.

You can also change the total planned amount for your payments and Debt Quencher sets the additional amount. This lets you to tell Debt Quencher the maximum money you have to set aside towards debt repayment and let it do the math.