Helping you SnowBall your debts away


What is Snowballing:
A brief overview

A debt snowball is the quickest and most cost effective method for reducing multiple debts.

Research shows Snowballing is the best debt payoff strategy

It is achieved by targeting one debt at a time, while maintaining payments on other debts. As a debt is paid off, that payment is then added to the next debt - snowballing the payment into a larger amount.

Precise analysis of your debt management projected progress

How does a Snowball Work?

An example would be, we have 3 debts.

  • Debt 1: $600 at 21% interest, with a minimum monthly payment of $60
  • Debt 2: $750 at 18% interest, with a minimum monthly payment of $75
  • Debt 3: $800 at 9% interest, with a minimum monthly payment of $80

So, our minimum monthly payments is $215. If we continued to pay that, we may be paying off debt for a very long time. So, we need to commit to a greater value to try and burn that debt down.

Debt Management Plan before using SnowDebts
Minimum payments takes 11 months to pay off, costing us $168.77 in interest payments.

We decide that we can afford $400 per month to pay off debts. The more we can commit to, the quciker the debt will be reduced.

We decide to target the highest interest rate, as that's costing us more to carry. So what we do is we say, "Even though the minimum payment is $60, we're going to pay our commited value of $400, less the other payments.". So, $400 - $75 - $80 = $245

By doing that, debt 1 will be paid of in just over 2 months! Fantastic! One less worry. We still maintain the minimum payments on the other two dets. That's important.

Once Debt 1 is paid off - We snowball the monthly payment to the next debt. We select the next highest interest, which in this case, is debt 2.

How much should we pay? Well, we no longer need to pay the $245 to debt one, as it's closed. So we add that $245 that we were paying, to the minumum payment of debt 2, which is $75.

So now, the monthly payments to Debt 2 is $245 + $75 = $320!

By now, that debt would have reduced to $600 (As you were maintaining you minimum payments for the past few months). That means in less than 2 months - Debt two is GONE!

In 4 months, we have a single debt left!

Now what? Snowball time!. Like before, we carry the monthly payments to Debt 3. We're not paying the $320 to debt 2 any more, so we add that to the minimum payment of Debt 3. So, $320, plus the minumum payment of $80 =$400!

And with that, we'd have the final debt paid off in less than 2 months!

Debt free!

Debt Management Plan with SnowDebts saving you money
Snowballing took 7 months! And it cost us only $89.79, saving us around $78 in interest! Half price debt!

Now that's a very small basic example. We have cases where people have over 15 separate debts, all with varying interest rates, different minimum payments and large balances. Snowdebts.Com will manage that for you, showing you a projection of all your future payments and showing you exactly when you'll be debt free.

When would I want to Snowball?

Get Out of Debt With the Debt Snowball Plan

If you have multiple credit cards, store cards, loans or other debts where you have minimum payments due, snowballing will most certainly be your best bet for becoming debt free.

A Debt Management plan will help provide a framework for you to get debt free

I'm already in debt. I can't afford to Snowball

SnowDebts.Com, which simply helps you manage your snowball, costs you nothing. We provide a simple method for reducing debt as quickly as possible, allowing you to visualise your projected progress and plan your snowball.

SnowDebts assist with reducing debt, as quickly as possible, using the most cost effective method

SnowDebts Terms of Service and Privacy Policy

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In no event shall SnowDebts or its suppliers be liable for any damages (including, without limitation, damages for loss of data or profit, or due to business interruption) arising out of the use or inability to use the materials on SnowDebts's website, even if SnowDebts or a SnowDebts authorized representative has been notified orally or in writing of the possibility of such damage. Because some jurisdictions do not allow limitations on implied warranties, or limitations of liability for consequential or incidental damages, these limitations may not apply to you.

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It is SnowDebts's policy to respect your privacy regarding any information we may collect while operating our website. Accordingly, we have developed this privacy policy in order for you to understand how we collect, use, communicate, disclose and otherwise make use of personal information. We have outlined our privacy policy below.

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We are committed to conducting our business in accordance with these principles in order to ensure that the confidentiality of personal information is protected and maintained. SnowDebts may change this privacy policy from time to time at SnowDebts's sole discretion.

SnowDebts.Com assist with getting out of debt, as quickly as possible, using the most cost effective method