Debt Snowball Planner

Crush your debt using the Snowball or Avalanche method.

Select Strategy

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Extra Monthly Payment

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This extra amount is the "Snowball/Avalanche" fuel added on top of minimum payments.

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Crush Your Debt: The Ultimate Payoff Planner

Debt feels like a heavy weight, but having a plan turns that anxiety into action. Whether you have student loans, credit card balances, or personal loans, the key to freedom isn't just paying—it's paying strategically. This calculator helps you compare the two most powerful debt elimination strategies: the Snowball Method and the Avalanche Method.

Choose Your Weapon: Snowball vs Avalanche

Debt Snowball

The Psychological Winner

  • Strategy: Smallest balance first.
  • Pro: Quick wins build momentum fast.
  • Best For: People who need motivation to keep going.

Debt Avalanche

The Mathematical Winner

  • Strategy: Highest interest rate first.
  • Pro: Saves the most money mathematically.
  • Best For: Disciplined planners who hate paying interest.

How It Works: 4 Steps to Freedom

  • 1

    List Everything

    Don't hide anything. List every credit card, personal loan, and medical bill. You can't fight a ghost.

  • 2

    Pay Minimums on Everything Else

    Keep all other debts current by paying strictly the minimum due. Don't worry about their interest rates yet.

  • 3

    Attack the Target

    Throw every spare dollar (your "Snowball") at your target debt (smallest balance or highest interest). Be aggressive.

  • 4

    Roll It Over

    Once the first debt is dead, take its entire monthly payment amount and add it to the next debt. Your payments get larger and larger like a snowball rolling downhill.

Why Behavior Matters More Than Math

Research from Harvard Business Review suggests that the Snowball Method increases the likelihood of becoming debt-free. Why? Because seeing a debt balance hit $0.00 provides a massive psychological reward. That sense of progress keeps you in the fight when the "smart" math of the Avalanche method might feel like a slow, invisible grind. Personal finance is 20% head knowledge and 80% behavior.

Frequently Asked Questions

What is the difference between Snowball and Avalanche?

The Debt Snowball method orders debts from smallest balance to largest, prioritizing quick wins for psychological motivation. The Debt Avalanche method orders debts from highest interest rate to lowest, prioritizing mathematical efficiency to save the most money on interest.

Which method is better: Snowball or Avalanche?

Mathematically, Avalanche saves more money. But psychologically, Snowball often works better because eliminating small debts quickly gives you dopamine hits that keep you motivated. If you struggle with discipline, choose Snowball. If you are highly disciplined, choose Avalanche.

Should I consolidate my debt instead?

Consolidation makes sense if you can get a loan with a significantly lower interest rate than your current average. However, it doesn't solve the spending behavior. Planning with a Snowball/Avalanche strategy often builds better long-term financial habits than a quick-fix consolidation loan.

What if I can't afford the minimum payments?

If you cannot make minimum payments, you are in a debt emergency. Contact your creditors immediately to ask for hardship programs, lower rates, or temporary forbearance. Focus on 'Four Walls' first: Food, Utilities, Shelter, and Transport before paying creditors.

How does the 'Extra Payment' field work?

This is the 'Snowball'. It's the additional money (beyond minimums) you can throw at your target debt each month. Finding even an extra $50 or $100 per month can shave years off your payoff timeline.