We're proud to announce the release of our very own Debt Snowball tool to all ClearCheckbook users. The Debt Snowball is a method of loan/debt repayment that has you pay off your smallest debts first. Each time you pay a debt off you take that money and apply it to your next smallest debt. The idea is that as time goes on, you're paying more and more toward your debts similarly to a snowball growing as it goes down a mountain.
The Debt Snowball tool will show you when your loans will be paid off based on your minimum payments and any additional money you're putting toward your debt each month. We also provide you with how much interest is yet to be paid off and a progress bar so you can see how close you are to getting rid of a loan.
The Debt Snowball tool can be found through the Tools menu. In addition to the Debt Snowball page, we also have a gadget so you can quickly see your balances and loan payoff dates from your Dashboard.
You can read some of the help documents about the Debt Snowball tool here: https://www.clearcheckbook.com/help#25