I finally did it. In light of Biting the bullet where I decided to take a firmer grasp of my debt I have gone over to the Snowball calculator and decided to really snowball my debt to see when I would be done with each payment.

The results, ladies and gentlemen, were not pretty. I know it was taking me a long time to pay off my debts but when I played around with a few different scenarios and got the countdown to zero I was really amazed.

This calculator tells you when you will be finished paying off each debt if you continue to pay all of them in the manner you have been paying all along. It assumes that when you are completely done with one debt amount you will take that payment and apply it to another debt amount.

This calculator is very good if you can keep plugging away at the debt in the manner prescribed. It does not take into account any spending or possible reductions in the payment amounts over time. It was still depressing to see how long it would take me to get rid of some of the debts I had if I continued at the current rate but there were some that showed I would be done in a shorter amount of time than I had previously imagined.

I am using the highest interest approach in order to snowball my debt because the interest on that highest debt is killing me. It is sometimes more than what the minimum payment on some of my other debts would be for that month.

I like this debt calculator and I am going to use this model because it makes sense. Having this other tool will definitely help me to stay focused and bring down my debt because now I have a more concrete goal in mind.

If you have used a Debt Snowball calculator to try to find the best way to reduce your debt I would really appreciate some feedback on this topic.

Which method did you use for the snowball debt reduction?

Did you use the highest interest amount first or did you use the largest balance amount first?

Did you follow the snowball debt calculator plan very carefully or did you just use it as a guide?

Were you able to beat the snowball debt calculator’s time estimates and pay off some of the debt faster than the predictions?

Did you use the same method during all of your debt reduction or did you use both the highest interest and largest balance approaches at different times?