Multiple Loan Tracker
Manage all your debts in one simple dashboard.
Debt Distribution
💡 Quick Tip
Prioritize paying off loans with interest rates above 0.0% to reduce your overall cost of borrowing.
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Stop the Chaos: Manage All Loans in One View
Most people don't have just one loan. They have a mortgage, a car loan, two credit cards, and maybe a student loan. Managing these separately in banking apps makes it impossible to see the big picture. This Multiple Loan Tracker is your personal debt portfolio dashboard. It aggregates everything to show you the two numbers that matter most: your Total Liability and your Total Monthly Outflow.
Treating Debt Like a Portfolio
The "Weighted Average" Secret
You might think your interest rate is "low" because your home loan is 6%. But if you have credit card debt at 24%, your effective interest rate might be 10% or higher. Knowing this number tells you if you should consolidate.
DTI Ratio Impact
Banks look at your Debt-to-Income (DTI) ratio. If your total EMIs eat up more than 40% of your gross income, you are considered "high risk" and will get worse interest rates on future loans.
Strategic Moves: What To Do Next
| Strategy | Best For... | Action |
|---|---|---|
| Consolidation | Many small, high-interest loans (Cards, Personal) | Take 1 big low-interest loan to pay off 5 small ones. |
| Refinancing | One large loan (Home, Car) with high rate | Switch lenders to get a lower rate on the same loan. |
| Avalanche Payoff | High cash flow, disciplined mindset | Pay minimums on all, attack highest interest rate hard. |
Know Your Debt Quality
Good Debt
- Home Mortgage (Appreciating Asset)
- Education Loan (Invest in Skills)
- Business Loan (Income Generating)
- Usually tax-deductible
Bad Debt
- Credit Cards (High Interest)
- Car Loans (Depreciating Asset)
- Personal Loans for Vacation/Weddings
- Payday Loans (Predatory Rates)
Frequently Asked Questions
Why should I track all my loans in one place?
Ignorance is expensive. By seeing all your debts together, you can identify which one is costing you the most (highest rate) and prioritize it. It also helps you calculate your total monthly liability, which is crucial for budgeting and knowing your true financial health.
What is the Weighted Average Interest Rate?
The weighted average rate reflects the true cost of your total debt. If you have a huge home loan at 7% and a small credit card debt at 24%, your average isn't simply (7+24)/2. The weighted average considers the size of each loan. This number is essential when deciding if you should consolidate your debts.
What is a Debt-to-Income (DTI) Ratio?
DTI is the percentage of your gross monthly income that goes toward paying debts. Formula: (Total Monthly Debt Payments / Gross Monthly Income) x 100. Banks use this to approve loans. Generally, a DTI below 36% is good, while anything above 43% signals financial distress.
Should I consolidate all my loans into one?
Consolidation works if the new loan's interest rate is lower than your current 'Weighted Average Interest Rate'. If your average is 12% and you can get a consolidation loan at 9%, do it. If not, you might pay more in the long run.
Which loan should I pay off first?
Mathematically (Avalanche Method): Pay the loan with the highest interest rate first. Psychologically (Snowball Method): Pay the loan with the smallest balance first. Use our Debt Snowball Planner to compare these strategies.
How does 'Loan Stacking' hurt my finances?
Loan stacking happens when you take multiple loans simultaneously. This creates cash flow stress. Even small EMIs add up (e.g., $50 phone + $200 appliance + $400 car = $650/mo). Tracking them helps you realize the cumulative impact on your paycheck.
Does closing a loan account affect my credit score?
Sometimes. Closing a loan account can temporarily lower your score because it reduces your 'credit mix' and the average age of your accounts. However, the financial freedom of being debt-free is usually worth more than a temporary 10-20 point dip.
Is a Home Loan considered 'Good Debt'?
Generally, yes. A home is an appreciating asset that boosts your net worth over time. High-interest consumer debt (credit cards, personal loans) for depreciating items is considered 'Bad Debt'. This tracker helps you see the ratio of good vs bad debt.
Can I refinance just one loan?
Yes! You don't have to consolidate everything. If you have a high-interest car loan (8%), you can try to refinance just that specific loan to a lower rate (5%) at a credit union, leaving your low-interest mortgage untouched.
What is the 'Debt Snowball' effect?
It's a strategy where you pay off your smallest loan first, then roll that payment into the next smallest loan. This creates a snowball effect of growing payments, helping you crush larger debts faster.