Instructions:

• Debt Details: For each of your debts, including credit cards, loans, or any other type of debt, enter the following information:
• Debt Name or Description: This can be a name or description for the debt (e.g., "Credit Card A" or "Car Loan").
• Outstanding Balance ($): Enter the current balance you owe for this debt.
• Interest Rate (%): Input the annual interest rate for this debt, expressed as a percentage.
• Minimum Monthly Payment ($): Enter the minimum monthly payment required for this debt.
• Click the "Add Debt" button: to add more debts to the list if needed.

Calculate Debt Payoff:

• After entering the details of all your debts: click the "Calculate Debt Payoff" button to initiate the calculation.

View the Result:

• Debt Payoff Strategy: The calculator will perform the calculation and display the recommended payoff plan in the "Debt Payoff Strategy" section.
• Debt Payoff Order: The calculator will suggest the order in which you should pay off your debts. It will prioritize debts with the smallest outstanding balance first.
• Total Interest Paid: This is the estimated total interest you will pay over the course of the recommended payoff plan.
• Debt Freedom Date: The calculator will provide an estimate of when you will become debt-free if you follow the recommended plan.

Notes:

• Debt Order: The Debt Snowball method prioritizes paying off the debt with the smallest outstanding balance first. This strategy is designed to provide quick wins and motivation as smaller debts are cleared.
• Minimum Payments: Ensure that you continue to make at least the minimum monthly payments on all your debts to avoid penalties or negative impacts on your credit score.
• Extra Payments: If possible, consider allocating additional funds each month toward the smallest debt in your snowball plan. This can help accelerate your debt payoff.

Using this Debt Snowball Calculator can provide you with a structured plan to systematically pay down your debts while celebrating small victories along the way. It's a motivational tool for individuals who want to gain momentum in their debt reduction journey.