What’s Debt Reset?
Glad you asked. Debt Reset is a personalized debt management tool used to help you plan how to pay off your debt. It lets you visualize what you owe and, by setting up a paydown plan, provides key information to help you prioritize which debts to pay off first. You can find it in Spend.
How does it work?
Debt Reset tracks the progress of your debts and your total balances in one place. By connecting your accounts, you can set up a personalized paydown plan that will help you pay off debts faster.
Note: Not everyone is eligible to start a paydown plan right away. If you don’t see the option to set up a plan, it means you aren’t currently eligible. But don’t worry, Debt Reset is working hard to make paydown plans available to more people over time.
What’s a paydown plan?
A paydown plan is set up to help you pay off your debts and loan balances within a realistic timeframe. It’s built to show you the light at the end of the tunnel. By paying off debts quicker, you’ll avoid added interest, helping you save money in the long run.
What’s my debt-free date?
Using your balances, rates, and planned payments, your plan projects the calendar date you’ll finish paying off your debts if you follow your paydown plan. The estimated date updates around every 30 days, reflecting any rate, balance or payment changes.
Note: Mortgages and student loans aren’t yet included, so the debt-free date only reflects eligible debts.