The Debt Snowball Method Chart (Page 2 of 2) in pdf

The Debt Snowball Method Chart Page 2

THE DEBT SNOWBALL

List your debts in descending order with the smallest payoff or balance first. Do not be concerned with

interest rates or terms unless two debts have similar payoffs, then list the higher interest rate debt first.

Paying the little debts off first shows you quick feedback and you are more likely to stay with the plan.

Redo this sheet each time you pay off a debt so you can see how close you are getting to freedom. Keep

the old sheets to wallpaper the bathroom in your new debt-free house!

Date:_______________Count down to freedom

Total

Minimum

New

Payments

Item

Payoff

Payment

Remaining

(a)

(b)

(c)

(d)

“New Payment” is found by adding all the payments on the debts listed above that item to the payment

you are working on, so you have compounding payments, which will get you out of debt very quickly.

“Payments Remaining” is the number of payments remaining when you get down the snowball to that

item.

The Debt Snowball Method Chart Page 2