The Money Manager feature in online and mobile banking includes five widgets that help you manage and track your finances, even the accounts you have with other financial institutions.
The debts widget shows you all of your debt accounts in one place as well as allowing you to see how making additional payments could affect your total debt over time.
The main view displays the trending graph for paying off all your debt. Hover your mouse over a section of the graph to show how much you owe based on the current model. Click the information icon to see how “snowballing” could help you pay down your debt more quickly. (“Snowballing” is a debt-management method in which you pay off the smallest debt first.) You will notice that both the amount and the time saved are prominently displayed.
If you don’t want to use the fastest-payoff-first method, you can set the priority to “Highest Interest First,” “Lowest Balance First,” or “Highest Balance First” by clicking on the drop-down menu in the upper left-hand corner.
If you want to see the impact of paying an additional amount each month, click “Total Monthly Paydown” and enter an extra payment. The graph shows how much you’ll owe in a given month will change as you adjust the extra payments.
- Fastest Payoff First – Your debts are ordered by which debt you will pay off soonest based on balance, annual percentage rate (APR), and minimum payment.
- Highest Interest First – Your debts are ordered from the highest APR to the lowest APR. Your additional amount toward your debts is applied in that order as you pay off your debts.
- Lowest Balance First – Your debts are ordered by balance amount from lowest to highest. Your additional amount toward your debts is applied in that order as you pay off your debts.
- Highest Balance First – Your debts are ordered by balance amount from highest to lowest. Your additional amount toward your debts is applied in that order as you pay off your debts.
Find More Tools in Online Banking to Help You Tackle Debt
Money Manager and the debts widget isn't the only tool that can help you on your journey to being debt-free.
You may know that Credit Score & Report, powered by SavvyMoney, can help you track your credit score, but you may not know that you can also find special offers that can help you save on interest. You may find suggestions like an Avadian Visa credit card with a special interest rate on balance transfers or a personal loan with a lower interest rate.
To see how this could help you, select "Credit Score & Report" from the online banking menu and look for "offers" at the top.
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