Debt Reduction Calculator Tutorial – Use a Debt Snowball to Pay Off Debt

Learn how to use the Debt Reduction Calculator by Vertex42 for testing strategies to get out of debt as quickly as possible. Try the Debt Snowball method (lowest balance first) or the Debt Avalanche (highest interest rate first), or customize the order to pay off your debts.

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0:09 Fill in the date and your debt information
0:36 Enter your total monthly budgeted debt payment
1:05 Choose a debt payoff strategy from the drop-down box
1:28 Visualize the snowball effect with a chart
1:42 Lowest Balance First (Snowball Method) – pros and cons
2:04 Highest Interest Rate First (Avalanche Method) – pros and cons
2:18 Enter a Custom Order to pay off the debts (best of both strategies)
3:30 Use the Payment Schedule worksheet for occasional extra payments
4:30 What to do if interest rates change

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