If you have debt you probably ask yourself what should I pay off next. This is a question that I had been asking myself lately as we are getting close to paying off one of our student loans. Luckily one of my friends knew about a great site to help you figure out what to pay off next. The site is unbury.me. The site is pretty simple. You type in a name for each loan or credit card, current balance, min payment, and Interest. Then click calculate.
The site then shows you a graph of when each loan will be paid off and how much interest you will pay etc. You can also adjust the min amount that you are putting toward debt every month and it will show you how quickly you can have you debt paid off in one of 2 ways, using the avalanche method or the snowball method. The avalanche method use paying off the one with the highest interest rate first. The snowball method is paying off the smallest amount first (this is the one dave ramsey says to use.)
I like the ability to switch between the two methods to see how soon I can have the debt paid off.
Via Jeremy Via unbury.me
Originally posted on my old blog SimpleLike.me (Note:old domain may now be offline)