Snowball Debt Calculator
by astanhaus
“Hit me in the face with a snowball!”—Michael Ginsberg
Snowball— what a fitting name for a debt calculator. I needed to take this one sitting down.
Play with Snowball Debt Calculator here.
First, I had to figure out what non-flexible, Standard APR actually mean.
(click on the bold-faced vocab words:))
Finally, I filled in all the blanks and I got…
# of months it will take to repay my debt and how much $$ I will pay in interest.
Snowballing in interest order will cause me to pay less overall, tackling the highest interest debt first. Debts may not be eliminated quickly from my to-do list, but I’ll sleep richer.
Snowballing in balance order will list my debt from smallest to largest amount. I’ll shrink the list length from the very beginning. But pay more $$, if large debts with high interest rates are left till the last minute.
Personal preference!
(Originally published on Amanda Stanhaus’s financial literacy blog: XO, Bettie.)
