Debt Plan
Sumwright works out the fastest, cheapest way out of your debts, then tells you exactly what to pay on each one this month. You make the payments at your bank; Sumwright does the maths and confirms each payment landed.
What you’ll see
The Debt Plan opens with a summary — what you owe, your monthly budget and the month you’ll be debt-free — and an Analyze my cash flow button. Below it, each part of the plan is a row you tap to open, in the same tidy layout as Settings:
- Monthly budget — what you can put toward debt each month.
- Strategy — avalanche or snowball, and how hard to push.
- This month’s payments — the amount for each debt.
- Cash-flow check — whether the budget fits around your bills and income.
- Finish line, Interest saved, Credit utilization, Advice — your progress.
Avalanche vs. snowball
- Avalanche — extra money goes to the highest-APR debt first. It costs the least interest.
- Snowball — extra money goes to the smallest balance first, for quick wins.
Every debt in the plan always gets at least its minimum payment; the strategy decides where the extra goes.
Set it up
Open your plan
Check your debts, balances and APRs
Linked cards and loans come in automatically and are sorted by type (see Accounts & debt types). Confirm each APR and minimum payment: type them in, import a statement, or turn on the automatic card & loan details add-on to have them filled in for you.
Choose which debts count
Credit cards, store cards and pay-later plans are in the plan by default. Loans linked from your bank, and every mortgage, start outside it — most people pay those on schedule. To add one, open the account on the Accounts tab and turn on Include in Debt Plan. It stays in your debt total either way.
Set your budget and strategy
Open Monthly budget and enter an amount, then pick avalanche or snowball under Strategy.
Follow the plan
Open This month’s payments and pay each amount at your bank. As the payments show up in your transactions, Sumwright confirms them and moves your finish line.
Worked example
Maya has a store card, a Visa and a car loan. She turns on Include in Debt Plan for the car loan and sets a monthly budget of $1,000:
| Debt (group) | Balance | APR | Minimum |
|---|---|---|---|
| Department store card (Store cards) | $1,800 | 29.99% | $55 |
| Visa (Credit cards) | $4,200 | 24.99% | $105 |
| Car loan (Car loans) | $9,500 | 6.9% | $310 |
The minimums add up to $470, leaving $530 extra. With avalanche, this month’s payments are: store card $585 ($55 + $530), Visa $105, car loan $310. Once the store card is paid off, its money rolls onto the Visa, then onto the car loan.
Result: debt-free in about 17 months with roughly $1,340 of interest — against about 45 months and $5,640 of interest paying only the minimums. That’s around $4,300 saved, more than two years sooner.
Maya’s mortgage shows under Mortgages on the Accounts tab but isn’t in the plan, so it doesn’t pull money away from the cards.
Analyze my cash flow
Not sure what budget you can afford? Tap Analyze my cash flow. Sumwright reads your recent income and bills, shows what’s left over each month, and suggests a debt budget that keeps your safety cushion intact. You can apply it or keep your own number.
Didn’t find what you needed?
Email support@sumwright.com