How to Use AI to Generate a Debt Snowball/Avalanche Payoff Plan
Undebt.it Meets AI
It’s pretty amazing to see the capabilities of AI and how it can quickly process small pieces of information into something useful. I started playing around with a ChatGPT artificial intelligence bot and found that it can handle debt payoff calculations quite easily. It fully understands the concepts of the debt snowball & debt avalanche, so I decided to integrate AI into the site and built Undebt.AI, an interface to a generative AI model that can take your debt account information and budget and present you with a plain English explanation of the best way to pay down your debt. I think this will complement nicely with the existing debt payoff tools on the site. Some people can get overwhelmed with the technical part of the site and Undebt.AI explains the whole process of paying off your debt and why a particular method is better than the other.
How Undebt.AI Works
Undebt.AI is part of the premium membership package right now due to there being a cost involved in using an AI bot. However, if the cost stays low, I’d like to make it part of the free site as well. It’s really easy to use; your debt account information and monthly budget is pre-populated for you at the top of the page. You can optionally add, remove or change your debt accounts to test out different “what if?” debt payoff scenarios. Keep in mind that none of the changes you make will affect your actual Undebt.it payoff plan. Press the “Get AI Plan” button and wait a few seconds for your custom payoff plan to be generated.
Undebt.AI interface
Example Output
The output format and content of the AI bot can change from time to time, so it’s possible you won’t see the exact same results each time the calculation is ran. Here’s a screenshot of the output from a test scenario:
AI generated debt payoff plan
Summary
This has been an exciting project to work on and I’m looking forward to seeing some of the debt snowball examples that the AI comes up with. It will be interesting to see if it ever recommends using a plan other than the debt avalanche. Please feel free to share your results.
