Snowball Calculator
October 2nd, 2006The Snowball Calculator
Maybe you have heard about the snowball method of becoming debt free. No it doesn’t involve throwing snowballs at your creditors or selling snowballs to Eskimos. Snowballing begins by paying your debts in the correct order; paying off the highest interest debts first.
With the Snowball Calculator you can shovel in up to 20 different debts and the amount of the monthly payments you can make. Then it works out the order to make the payments. The good thing about this method is it keeps you on track to eliminate your debt. As you knock of debts more of your monthly allowance becomes available to pay above the minimum payment on the next debt, snowballing to a speedier debt elimination.
A more comprehensive look at debt reduction can be found here at the Motley Fool.
