How well do college students manage multiple debts that differ in interest rates and sizes? Amar and colleagues (2011) found that when asked to play a debt management game, US college students had difficulty lowering total remaining debt due to debt-account-aversion (DAA) – a bias describing an irrational tendency to repay small debts more quickly than larger debts, while ignoring interest rates. The current study was designed to see if there are individual difference factors that contribute to these deviations. Using a sample of US and Korean college students, two experiments were conducted to examine (a) if financial literacy (FL) would relate to debt repayment performance; and (b) whether FL would interact with the accuracy of metacognitive monitoring (MM) in FL in improving performance. In Experiment 1, we demonstrated that US students’ FL and its MM at the global level complemented each other to lower total debt. The same was found in Korean students in Experiment 2, further evidencing a three-way interaction between FL and two different types of MMs at the local level – MMKnowing and MMNot Knowing. Specifically, Korean students who were highly accurate in monitoring their performance on the don’t know answered items (i.e., high MMNot Knowing) benefited from becoming financially literate in terms of the total debt, compared with their low MMNot Knowing counterparts. This interaction persisted when Korean students were poorly accurate in monitoring their performance on the correctly and incorrectly answered items (i.e., low in MMKnowing) but disappeared when they were high in MMKnowing.