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Debt Pay Down Solution

Wells Fargo's Debt Pay Down Solution® offers a simple way to help you pay down high-interest debt — faster than you thought you could.

Juggling multiple high-interest rate debts can be costly and stressful. Consolidating those debts with a Wells Fargo Personal Loan offers a fixed plan to help you pay down your debt with:

  • A competitive fixed interest rate
  • One fixed, monthly payment
  • Fast credit decisions
  • No collateral required

At the end of the loan term, if you've made your payments and not taken on any new debt, you will be debt-free.

How soon could I be debt-free?

Let's look at an example. If you have $10,000 in high-interest debt and you consolidate it with a Wells Fargo Personal Loan at 13% Annual Percentage Rate (APR), you could be debt-free in five years by paying just $228 a month.

Your deposits minus your spending = "what's left"

Keeping track of where your money is and what you’re spending it on is the first step in taking control of your finances. My Spending Report, a free online budgeting tool available only to Wells Fargo customers, can help you do just that. It displays your deposits and your spending by category to help you understand where your money goes every month and automatically calculates what's left (your deposits minus spending).


  1. My Spending Report automatically tracks your deposits and categorizes your spending when you use these Wells Fargo accounts and services: Direct Deposits, Checking Accounts, Debit Cards, Credit Cards, Online Banking, and Online Bill Pay.
  2. Use that information to spend smarter and increase what's left at the end of each month. 
  3. Use a portion of what's left to make extra payments toward your loan principal and become debt-free faster.

To see your Spending Report and create your own budget, just sign on to Wells Fargo Online® and select the “My Spending Report” tab.

A little can go a long way

Increasing what's left by even a small amount can make a big difference in paying down your debt faster. Did you know that with just $41 more of what's left each month, you could pay off a $10,000 loan a whole year sooner?

Use a portion of what’s left at the end of each month to increase your principal payments and become debt-free faster.

Get out of debt one year faster

If you consolidated $10,000 in debt with a 13% APR, you could pay it off in five years with just $228 a month. But if you increase those payments by just $41 more a month, you could pay it off in just four years — and be debt-free a whole year sooner.

Use automatic payments to accelerate your payoff

Set up online payments from your Wells Fargo checking account, or use our automatic payment service to make payments from any checking account. You can change the amount at any time.

Next steps

  • Apply online and start your plan to pay down your debt faster.
  • Talk to a banker today. Call 1-866-311-8481 if you have questions or are not currently a Wells Fargo customer.