Use the ClearCheckbook Debt Snowball tool to help you pay off your debts faster! The Debt Snowball method is a debt payment plan that has you pay off your smallest loans first. When you pay a debt off, you take the money you were paying toward that one and add it to your next debt. The idea is that the amount you're paying toward your debt acts like a snowball and gets larger and larger as time goes on.
The Debt Snowball method is one of the primary methods of debt removal taught by many financial and wealth experts. You can use the ClearCheckbook Debt Snowball tool to help you get out of debt. The Debt Snowball tool will tell you when your various loans and debts will be paid off if you stick to the plan, plus how much interest is remaining to be paid on each loan.
This tool will also help you see how adding a small additional payment each month toward your principal can really help reduce the amount of interest you owe on each debt. Since you're paying the most interest at the beginning of a loan, it's best to try and pay off your loans as quickly as possible. Our Debt Snowball tool will help you visualize your payoff dates and interest owed by letting you change the amount you're paying each month.
The Debt Snowball method is all about consistency. As long as you stay dedicated to paying at least your minimum payments each month then this tool will help you stay on top of your debt. The Debt Snowball method has a large proponent in Dave Ramsey who teaches this method of debt repayment.