Snowball??

katypetal

Hi

I've read in some threads about snowball(?) some saying that snowball says debt gone by certain date.

Apologies if this has bee posted before but have searched around but couldn't find it.

I know I could prob work it out by myself but thought I'd give it a go!

D&DD

http://www.whatsthecost.com/snowball.aspx
here you go

Chortle_2

http://www.whatsthecost.com/snowball.aspx

That website explains it quite well, and calculates how long it will take you to pay all of your debts off using the snowball method.

Snowballing is all about paying your debts in the correct order. Generally speaking you should attempt to pay off the debts with the highest interest rate first. This calculator allows you to enter up to 20 different debts with their associated APRs, and the total amount you want to spend per month servicing your debts, and it'll work out the order in which you should pay them together with the monthly payments. For more information on snowballing follow the Motley Fool link to the right of this page. If you're considering a consolidation loan, think carefully about it. It's almost always cheaper to snowball your debts, and often people who consolidate their debts end up in more debt because they haven't addressed the main issue: They spend too much

HTH

amosworks

There's a much quicker method that's a bit more advanced than "snowball" called Cumulative Accelerator Margins, but it's not for the feint of heart. However it pretty much guarantees to be able to make some debt free in about 5 years regardless of how much debt they have. There's no online system doing it AFAIK though

Maybe I should write one