Calculate debt repayment with snowball method for multiple debts
The debt snowball method is a debt relief strategy that involves paying off debts in a specific order. It was popularized by financial expert Dave Ramsey. The basic principle is to pay off debts from smallest to largest, regardless of interest rate, to gain psychological momentum.
This calculator helps you plan your debt repayment by considering multiple debts, their balances, interest rates, and minimum payments. It provides a structured plan to help you become debt-free.
By inputting your debts and financial information, you can see how the debt snowball method can be applied to your situation, including the total interest paid and the time it takes to become debt-free.
| Debt | Balance | Interest Rate | Minimum Payment |
|---|---|---|---|
| Credit Card | $2,000 | 18% | $50 |
| Car Loan | $10,000 | 6% | $300 |