Snowball Debt Calculator to Become Debt Free
Posted in Money Matters
One of the important steps in getting debt under control is paying them in the correct order. Generally speaking you should attempt to pay off the debts with the highest interest rate first. Then, the money freed up is added to the basic payment of the next highest, and so on. In effect you’ve created a growing “snowball” of payments.
What’s the Cost has a Snowball debt calculator that lets you enter up to 20 different debts with their associated interest rates and the amount you want to spend each month servicing your debts. The calculator works out the order in which you should pay the debts, along with the monthly payments.
For more information on snowballing read point number 2 at this Motley Fool article. If you’re considering a consolidation loan, think carefully. It’s almost always cheaper to snowball your debts.
Snowball debt calculator – Become debt free at WhatsTheCost.com
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this is a timely post–trying to weigh paying off a relatively new car with a windfall or investing the windfall. the interest on the car is low and the money earned on most investments these days is also low unless you’re an expert (which i’m definitely not) cannot afford to lose the windfall so am not doing anything in a hurry–will check out your links and info!