In my previous post, I mentioned a common debt reduction strategy called the debt-snowball. The main idea is to throw every last cent you have to pay off the lowest balance account while paying off the minimums due for the rest. As accounts are being paid off, more money will be available to aggressively snowball payments and accelerate debt reduction.

Here’s a very useful tool that anyone can use to keep track of their debts and keep track of each payment period, snowball amounts, and time left to eliminate all debt. You can even choose a payment policy to pay either the lowest balances first, highest interest first, or define your own custom order. Download this tool from Vertex42.