Get Out of Debt Calculator - Free!

I've been working on my 2009 Goals, both personal and professional. One of things I like to do is see what I need to acheive personally so that I can be motivated to push myself professionally. So, one of my personal goals is to get out of debt by the end of 2009. In my planning for that, I discovered this cool tool that helps you decide which bills to pay off first. It's called the Debt Reduction Snowball Calculator. The Snowball Effect, as they call it, is that extra amount that you have each month to put towards paying off debt. As each debt gets paid off, that amount gets applied to the next debt, hence, the Snowball Effect. Did I mention this is a free downloand? I like free stuff! Anyway, I plugged in all my balances, the corresponding rates, and the minimum payment amounts. You can have it sorted by either paying off the lowest balance first, or by the highest interest rate first. Paying off the highest rate first saves the most, but I have to admit, I need pretty regular positive reinforcement, so I chose to pay off the lowest balances first. Either way, I found that if I double the total amount I am paying for those bills now, I can be debt free by the end of 2009. Very cool!

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