What is a snowball growth chart?

A Snowball Growth Chart lets you see how the snowball increases and your interest due decreases over time (only in the Excel versions). You may also want to check out the Credit Repair edition of this calculator, which is designed to help improve FICO scores by lowering the balance-to-credit-limit ratio of individual debts.

Is the snowball method a good debt payoff strategy?

If you’re hoping to reduce your debt and interest fee payments, it’s worth considering the snowball approach. The debt snowball method is one of the most effective debt payoff strategies. It’s designed to help you start small and gain momentum over time until you are debt-free.

What is the snowball effect?

The snowball effect is the idea that a snowball grows as it rolls down a hill. When applied to debt reduction, the snowball effect refers to how your extra payment grows as you pay off each debt. As defined above, the snowball is the difference between your total minimum payments and your total monthly debt payment.