The debt snowball method is a strategy for paying off debt that focuses on building momentum and motivation. With this approach, you start by listing all your debts from smallest to largest balance, regardless of interest rate. You make minimum payments on all debts except the smallest, to which you allocate any extra money. Once that smallest debt is paid off, you roll the amount you were paying on it into the next smallest debt, creating a “snowball” effect. As each debt is eliminated, the amount available to tackle the next one grows, helping you pay off debts faster while staying motivated through quick wins.
Debt Snowball Calculator
Enter your debts below to see how quickly you can become debt-free using the snowball method, which focuses on paying off your smallest debts first to build momentum.
Your Debts
| Debt Name | Balance ($) | Interest Rate (%) | Min Payment ($) | |
|---|---|---|---|---|
Any amount you can pay beyond the minimum payments will help you get out of debt faster!
Your Debt Freedom Plan
Payoff Schedule
This plan follows the debt snowball method, focusing on your smallest debts first regardless of interest rates. As each debt is paid off, that payment amount rolls into paying off the next debt.
