Note (September 2026): This 2017 news story has been updated: Mic was sold to Bustle Digital Group in November 2018, and Discover Financial became part of Capital One in May 2025. Current US debt figures and the two standard payoff methods have been added.
The Payoff was a personal finance channel that the digital publisher Mic launched in 2017, with Discover as its exclusive sponsor, to give millennials a crash course on money, including managing student debt. The core payoff advice still holds: list every debt, pay the minimums, and put extra money toward one debt at a time, using either the snowball or the avalanche method.
Key Takeaways
- Mic launched The Payoff in 2017 as a podcast, social video series, interactive tools, newsletter and regular articles, with Discover as exclusive sponsor.
- Mic was sold to Bustle Digital Group in November 2018, and Capital One completed its purchase of Discover Financial on May 18, 2025.
- As of Q2 2026, Americans owed $1.263 trillion on credit cards and $1.651 trillion in student loans, according to the New York Fed.
- The CFPB describes two basic payoff strategies: the highest interest rate (avalanche) method and the snowball method.
- The average credit card interest rate on accounts assessed interest was 22.15% in Q2 2026, per the Federal Reserve.
Millennials are different from other generations when it comes to debt. Many are caught in a position where they have obtained a high-priced education, only to enter the workforce without many repayment options. That is leaving many with debt, that puts them in the red every month.
How Mic’s Crash Course Aimed to Help Millennials Pay Off Debt
The good news is that Millennials may finally get the chance to move out of their parents’ basements and out on their own while being able to afford the repayment on their loans and being in the black. Why? There are new tools at their disposal to pay off debt and get on their feet, financially.
In 2017, Mic launched a new channel called “The Payoff,” with Discover as its exclusive sponsor, to help an audience new to debt management get out of the hole. The Payoff channel is an attempt to teach Millennials the basics of personal finance, including how to manage debt, how to find an autopac agent near me and how to save for their future.
Mic has been responsive to Millennials needs, listening to their feedback about their lack of knowledge in finance, and decided that it was time to put the record straight for this rising generation. First launching their money vertical, they had a following that took off immediately. The posts covered everything from paying monthly bills to how to finance a car. What Mic found is that the Millennial generation was in desperate need of financial information.
The Payoff was published across several formats – a podcast, a social video series, interactive online tools, a refreshed newsletter and regular articles – to reach a generation that takes in information in many different ways. Mic hopes to hit Millennials where they live – literally. That includes the internet, social media and just about every other internet medium possible.
Discover, who has always been a company that caters to the up-and-coming professional, is sponsoring the channel and continues to explore creative and imaginative ways to reach both the Millennial audience and beyond. Discover was the program’s exclusive sponsor. The original claim that it kept its own marketing separate and did not push its own products could not be independently confirmed, so readers should treat sponsor-backed finance content with the same care as any advertising.
The idea is to maintain malleability in reaching the audience by presenting topics and education according to what the audience wants. Using continual communication and feedback, the channel is a work in progress, not a predetermined feed of financial information. Mic said it created The Payoff after noticing that even its simple personal finance how-to articles performed well with its audience, so the channel was built around the topics readers responded to.
Unlike other generations that saved on their own and let someone else figure out their investments, Millennials want to maintain control over their money. Clear information about interest rates, fees and repayment options is what makes that control useful.
However, that’s only if they know how. That is the aim of the Mic channel. It wants to give young adults, the tools to manage their money in ways that the older generations had to figure out on their own. The Payoff’s material dates from 2017; Mic was sold to Bustle Digital Group in November 2018 after laying off most of its staff, so check the publication date on any Payoff content and verify rates and rules against current official sources.
Discover has long marketed credit cards to younger adults; the Discover Card, first offered to the public by Sears in 1986, was one of the first cards with no annual fee and with cash back. In taking on the high risk of giving college kids, credit when no one else would they have always seen the value in creating communication with younger generations to build loyalty and brand awareness.
Other credit card companies also compete for younger customers, so it pays to compare interest rates and fees across issuers rather than staying with one brand out of habit. The Payoff sponsorship was one example of Discover marketing itself to young people it hoped would stay customers. Discover Financial is now part of Capital One, which completed the acquisition on May 18, 2025.
As Millennials start to excel in the workforce, have families and begin to create wealth, Mic and Discover hope to help them tackle the complexities of managing their households, saving money, and growing wealth for the long term. At a time when Millennials are getting a bad rap for their poor decisions, companies like Mic and Discover believe that there is major hope for them in the financial world just yet. Teach a man to fish, and he will have fish forever. 🙂
What Was Mic’s The Payoff Channel?
The Payoff was a personal finance brand launched by Mic in 2017. Mic described it as its first “360 brand,” combining editorial articles, a social video series, a podcast, interactive products and a refreshed newsletter. It built on Mic’s Money vertical, which had launched the previous spring.
Discover was the channel’s exclusive sponsor. According to Adweek’s launch coverage, Mic’s chief strategy officer, Cory Haik, said the idea came from audience data: finance articles, even simple how-tos, consistently performed well. Topics included managing student debt and setting up budgeting tools.
What Happened to Mic and Discover?
Mic was founded in 2011 as PolicyMic by Chris Altchek and Jake Horowitz. On November 29, 2018, Mic laid off most of its staff after Facebook ended a video publishing agreement, and the company was sold to Bustle Digital Group for less than $5 million, according to Wikipedia. Mic still operates under Bustle Digital Group ownership.
Discover Financial agreed to be acquired by Capital One on February 19, 2024. The all-stock deal, valued at $35.3 billion, closed on May 18, 2025, making Capital One the largest credit card issuer in the US. The Discover Card brand continues under Capital One.
How Much Debt Do Americans Carry Now?
Debt levels have grown since The Payoff launched. The Federal Reserve Bank of New York’s Household Debt and Credit Report for Q2 2026, released on August 11, 2026, gives these totals:
| Measure (Q2 2026) | Figure | Source |
|---|---|---|
| Total household debt | $18.771 trillion | New York Fed |
| Credit card balances | $1.263 trillion | New York Fed |
| Student loan balances | $1.651 trillion | New York Fed |
| Outstanding debt in some stage of delinquency | 4.7% | New York Fed |
| Average credit card APR, all accounts | 20.94% | Federal Reserve G.19 |
| Average credit card APR, accounts assessed interest | 22.15% | Federal Reserve G.19 |
Federal student loan defaults have also returned after the pandemic payment pause. New York Fed researchers reported in May 2026 that about 1 million borrowers defaulted in 2025:Q4 and about 2.6 million more in 2026:Q1.
What Is the Best Way to Pay Off Debt?
The Consumer Financial Protection Bureau (CFPB) describes two basic strategies for reducing debt: the highest interest rate method (often called the debt avalanche) and the snowball method. Neither is universally best; the right choice depends on whether saving interest or staying motivated matters more to you.
| Method | Order of payoff | Main advantage | Main drawback |
|---|---|---|---|
| Avalanche (highest interest rate) | Highest interest rate to lowest | Eliminates the most costly debt first; can save money in the long run | Progress can feel slow, especially if that debt is large |
| Snowball | Smallest balance to largest | Quick early wins that build momentum and motivation | May cost more in total interest |
How to Use a Debt Payoff Method, Step by Step
- List every debt with the lender, amount still owed, monthly payment, interest rate and due date.
- Pick a method: sort the list by interest rate (avalanche) or by balance (snowball).
- Keep paying the minimum on every debt, and add any extra payment you can afford to the first debt on your list.
- When that debt is paid off, move its entire payment (monthly payment plus extra payment) to the next debt on the list, as the CFPB’s reducing debt worksheet describes.
- Repeat until every debt is gone.
A realistic budget makes the extra payment possible; see this guide to creating a budget for every income. If several high-rate balances are hard to track, read whether debt consolidation is right for you and these alternatives to balance transfers.
Where Can You Get Free Help With Debt?
The National Foundation for Credit Counseling (NFCC) suggests contacting a certified credit counselor for free advice on adjusting a budget, talking to creditors and managing debt problems. Federal student loan borrowers should check their repayment options with the US Department of Education’s Federal Student Aid office before missing payments. For more practical steps, see five ways to pay off debt fast and easy ways to improve your credit score.
Frequently Asked Questions
What was The Payoff by Mic?
The Payoff was a personal finance channel that Mic launched in 2017, with Discover as its exclusive sponsor. It offered articles, a social video series, a podcast, interactive tools and a newsletter aimed at helping millennials manage money and debt.
Is Mic still in business?
Yes. Mic was sold to Bustle Digital Group for less than $5 million in November 2018, after laying off most of its staff, and it continues to operate under that ownership.
Is Discover still a separate company?
No. Capital One completed its $35.3 billion all-stock acquisition of Discover Financial on May 18, 2025. The Discover Card brand continues under Capital One.
Which is better, the debt snowball or the debt avalanche?
The debt avalanche usually costs less because it clears the highest-interest debt first, according to the CFPB. The snowball method can feel faster because small balances disappear early, which helps some people stay motivated, but it may cost more in total interest.
What is the average credit card interest rate?
The average credit card interest rate at commercial banks was 20.94% across all accounts and 22.15% on accounts assessed interest in Q2 2026, according to the Federal Reserve’s G.19 consumer credit release.
How much student loan debt do Americans have?
Americans owed $1.651 trillion in student loans in Q2 2026, according to the Federal Reserve Bank of New York’s Household Debt and Credit Report.
