Saturday, June 09, 2007

Getting Out of Debt? Use the Snowball Calculator!

One of the most common strategies for debt reduction is the "snowball method". It is very effective. I've used this method before with success. Thanks to the site What's the Cost? and their new snowball calculator, you can have a date for your debt's annihilation!

The Snowball calculator can be used by anyone, even the tech challenged. To the right of the side of the site, you have three flags. One can change the currency of the calculations by clicking on a flag. They currently support Ameriican Dollars, British Pounds and the EuroDollar.

Here's how you use the snowball calculator:
1. You choos the correct currency.
2. You enter how mant debts you intend to enter.
3. You enter the amount you intend to allocate to your debt reduction.
4. You select which way you want to attack your debt. They currently have two ways: by interest rate or by balance.

Once you finish this process, you can enter the balance of your first debt. It is so detailed, it even has the percentage rate. The date of your debt freedom can easily be displayed on your blog. This is an excellent tool for every debt reduction blogger!

I'm gald that I was asked to review this site. I find that it is user-friendly, has an organized home page and provides a great service...all for FREE! Use this great tool, to help you get out of debt! It's a great way to stay motivated.

Thanks for The ReviewMe Opportunity! I'm glad that I was made aware of this site!

8 comments:

All Things said...

What a cool site! I was introduced to Dave Ramsey and his snowball method for debt relief at my church a few years back. If you put your mind to it, it can be done, and the best thing is that with a little discipline, you do not even have to get a second job.

What is a real eyeopener for most people is the amount of money that you unknowingly spend every month. This is a great method for reducing debt and I would highly recommend it.

Stephanie said...

Thanks. We are snowballing, but our snowball is moving very slowly! Still making progress though!

A said...

Great Site!!! I have three children and I'm always looking for ways to cut back now so we can pay down our debt.

Mare said...

Great ideas here, we just started paying attention to our finances. I just did the debt snowball, hopefully it helps!

Jennifer said...

I love the snowball calculator at What's the Cost. I have been using it for several months and it's great. I put a review of it on my blog a few weeks ago and I didn't even know it was being offered on Review Me!

Anyway, love your blog. We are also following Dave Ramsey's steps to Financial Peace!

Insolvency said...

Very, very good tool! I have been a fan of DR's snowball method for a long time now & for the past 3 years have been snowballing my own debts! We should be debt free in another 2 years... :)!!!

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The Happy Rock said...

I wanted to add a another debt calculator to the list.

It is a graphical version that doesn't require you to download a spreadsheet and lets you easily choose any debt repayment order or add extra payments to see how it effects your repayment schedule.

It is one that I have been personally developing, so I am also looking for users to give feedback on what features would make it even more helpful for getting out of debt.