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Debt Snowball Calculator

Description

The Debt Snowball Calculator helps you plan your debt repayment strategy using the snowball method. This approach focuses on paying off the smallest debts first while making minimum payments on larger ones. As each smaller debt is paid off, the money used for those payments is rolled into paying off the next smallest debt, creating a snowball effect.

By using the snowball method, you can build momentum and motivation as you see debts disappearing more quickly. This calculator allows you to enter details for each debt and provides a clear plan for paying them off efficiently.

Input your debts, interest rates, and minimum payments, and let the calculator guide you toward becoming debt-free.

How to Use

  1. Enter the name, amount, interest rate, and minimum payment for each debt you want to include.
  2. Click "Add Another Debt" to include more debts in your snowball calculation.
  3. Once all debts are entered, click "Calculate Debt Snowball" to see a detailed repayment plan.
  4. Review the results and chart to understand the order in which debts should be paid off and the overall timeline for becoming debt-free.
Last updated: 09/13/2024
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