We’d like to introduce our brand-new Debt Snowball Tool! It’s really easy to use. Just enter in your debts and the tool will organize them from smallest to largest. Then it calculates when you could become debt-free. It will also help you stay motivated to pay off your debt as fast as you can.
So how does the debt snowball work? Pay off each debt in order from the smallest to the largest. When you get the smallest out of the way, add what you’d been paying toward the old debt to the next one. As you keep paying down debts, those wins will give you confidence and serious momentum.
Using the tool is easy:
1. Enter all your debts.
To get started, enter all your debts, except for your house, into the debt snowball tool. The tool will automatically arrange them from smallest balance to largest balance so you always know which debt you’re focusing on!
2. Get your estimated debt-free date!
Once your debts and minimum payments are recorded, you’ll get your estimated debt-free date. But you can do better than that! Play around with how much you can put toward your debt snowball every month. As you do, the tool will automatically update your payoff date to reflect how soon you could be debt-free!
3. Update and track your progress.
As you make progress on your debts, update the balances in the tool. It will automatically recalculate your debt-free date to help you track your progress. As you pay off debts and roll your smaller debt payments into your bigger debts, you’ll build momentum!