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Snowball calculator

Become debt free sooner

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. Some people, such as Dave Ramsey suggest you pay the card with the smallest balance first, that's fine, and can help you feel you're getting rid of the debt quicker, but it's not the most efficient way. 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.

Snowball Calculator
Number of debts
Including your minimum debt repayments, how much per month do you want to spend on servicing your debt? £ This should be at least the total of your minimum monthly payments. If it's less don't panic, please visit The Motley Fool "Dealing with Debt" discussion board for help.
Which way would you prefer to snowball?   What does this mean?!

Debt number 1
Debt name
Balance £
Non-flexible? A non-flexible loan is one you can't make overpayments on
Standard APR %
Introductory interest rate of % for months (optional)
Minimum monthly payment £ fixed, or % of balance

Debt consolidation? No thanks! Become debt free by managing your own finances!
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