Be Debt-Free in 2020!

If you’re putting yourself on a journey to be debt free, we have some stories (and one help guide) to inspire you. Wanna get out of debt? Here’s how she did it. In this post, Karisa shares about her debt journey and how she used Debt Snowball to help her tackle it. See how she did it … Read more

Paying off Debt

I recently had to make a decision about how to pay my student loans. One option was to follow a standard repayment plan, equal payments each month for the life of the loan. Another option was to sign up for a payment plan based off my income. I would make smaller payments each month -which usually means a longer loan- but then after 25 years the loan would be forgiven.

At first I thought the decision would be easy. Lower payments and a debt that would be forgiven? Why wouldn’t I choose the income based plan? I knew there were good financial reasons to pay off debt sooner: less money paid on interest, better cash flow month to month, etc. etc.  But as I did the math I found that financially the income based plan was still the best option.

So, I signed up. I felt smart for having more to spend each month and gracious to the government program that was making it all possible.

And yet, something felt off. I knew I wasn’t doing anything illegal, I was choosing a repayment plan that was being offered to me, and honestly reporting my income. But I also knew that I could afford to pay more, but was choosing not to knowing that what I didn’t pay would simply be forgiven later.

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FAQ: How Can I Track My Debt in EEBA?


EEBA is now Goodbudget! Goodbudget has all the great features of EEBA (and more!) in a new and updated interface. Check out our updated article on this topic, and check out the Goodbudget Help Center for the most recent help content.

Q: I’ve decided to finally pay off my credit cards! How can I use EEBA to keep track of how much I owe, how much I want to pay, and how close I am to achieving my goal?

Paying off debt is a great financial goal. You may feel the pinch in the short term, but in the long run you’ll save money and enjoy greater peace of mind. With EEBA, you’ll have two options when keeping track of your debt.

Option 1: Track the Balance of Your Debt (Plus/Premium)

If you’re on the Plus or Premium plan with EEBA, you can use Accounts to keep track of the balance of your debt as you pay it off. Here’s how:

Step 1.Create a Credit Card Account for Each Debt
Head to the Accounts page to create a new Credit Card Account for each debt you want to track. Enter the balance of the Account as a positive number, equal to the current balance that you owe.

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