❄️ Debt Snowball Calculator
Calculate how fast you can pay off multiple debts using the snowball method (smallest balance first). Get motivated with quick wins!
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Frequently Asked Questions
What is the debt snowball method?
The debt snowball method pays off debts from smallest to largest balance, regardless of interest rate. As each debt is paid off, you roll its payment into the next smallest debt, creating a snowball effect. It provides psychological wins and motivation.
Debt snowball vs debt avalanche?
Snowball: Pay smallest balances first (faster psychological wins, slightly more interest). Avalanche: Pay highest interest rates first (saves most money, slower initial progress). Snowball is best for motivation, avalanche is best for math.
How much extra should I pay toward debt?
Pay as much as possible! Even an extra $50-100/month makes a huge difference. Follow the 50/30/20 rule: 50% needs, 30% wants, 20% savings and debt. Cut unnecessary expenses temporarily to aggressively attack debt.
Should I save or pay off debt?
Both! Save $1,000 emergency fund first, then aggressively pay debt (especially high-interest debt over 7% APR). Once debt is manageable, build full emergency fund while maintaining debt payments. Never sacrifice emergency fund for debt.
How fast can I become debt-free?
With aggressive payments, most people can become debt-free in 2-3 years. The key is maximizing extra payments, staying motivated with small wins, and not accumulating new debt. The debt snowball method accelerates as you pay off each debt.
Financial Disclaimer
This calculator is provided for educational and informational purposes only. The results are estimates based on the information you provide and should not be considered as financial, legal, or tax advice.
Actual results may vary based on your specific circumstances, market conditions, and other factors. Always consult with qualified financial, legal, and tax professionals before making any financial decisions.
We make no guarantees about the accuracy, completeness, or reliability of the calculations. Use this tool at your own risk.