If you’re like most Canadians, there’s a good chance you’re swimming in credit card debt. If you’re coming here, chances are you’d like to get out of it. The Snowball Calculator on WhatstheCost.com can help.
Just punch in all of your individual debts, their minimum payments, interest rates, and the total amount of money you can commit monthly to paying off your debts. The Snowball Calculator will map out the best payment plan and let you know just how long it will take you to be completely debt free.
Check it out and start getting out from under that mountain!
Thank you, thank you, thank you, this is a great tool!!!
Love the snowball calculator! Gives a great perspective on what you need to do.
It calculated me 260 months to pay off my debt.. that doesnt seem right
For anyone looking at this post may I offer this link as well: http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp
Combine the two links and you’ll find two very powerful tools to demonstrating the ability you possess to be out of debt faster and without consolidation or outside help. My family is deep in debt — has been for many years. We have been making payments for as much time.
Here’s our original prognosis — paying required minimums:
҉ۢ By making minimum payments only, it will take you 34 years to pay off your credit cards.
• Based on your current combined balance of $36,500.00, you will pay a total of $26,826.41 in interest.”
In playing with the numbers a little — something this calculator make easy — we discovered that putting more toward our debts would be useful (that’s an understatement, by the way):
҉ۢ If you pay $1,200.00 a month, it will take you 2 years and 10 months to pay off your credit cards.
• Based on your current combined balance of $36,500.00, you will pay a total of $3,735.34 in interest.”
$1200 sounds like a lot — but our minimum required payments totalled $855 anyway and we were meeting that amount (barely!) It was very easy for us to grasp that by adding $345 a month to our debt repayment budget we would be in financial pain for less than three years, rather than being in financial pain (at $855 per month!!!) for 34 years!!!
All we are doing differently is paying $345 more a month on our debts.
It is a lot of money — my hubby and I are busting our butts each month to earn that $345 EXTRA — over and above our earnings so we can meet the amount. But we are doing it. We’re getting creative!
heylo, trust the calculator. 260 months is what it might take unless you put more money toward your debt. We were on the verge of calling a financial consolidator when I found the “snowball” effect. Play with the numbers using the calculator.
The snowball calculator was the FIRST tool I had ever found that gave me and my family hope. We are flabbergasted that it has taken us years to find this simple data. We have visited our bank several times to see how they could help us. Because we have a sound budget and spending plan they sent us home each time telling us to keep doing what we’re doing. We have wasted so much money on interest to date… No more! In 2 years 8 months we’ll owe no one!!!
Wow, awesome, thanks!
Very good post. Will you please write much more about this subject.
I admire ur job!
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Hi there, awesome site. I thought the topics you posted on were very interesting
Crs Debt
This calculator is very useful. Most people that I talk to usually opt for one of two options, debt consolidation or bankruptcy, but this list will do. I encourage people to do their best in using this calculator and trying to get out of debt on their own before they make use of the two mentioned options. Good post.