When it comes to paying off debt, everyone has their own way that they prefer. The snowball method helps you pay off multiple debts quickly by paying the same combined amount every month.
When you’ve paid off the highest-priority debt, take that monthly payment and put it toward your next debt. The monthly total you pay for all debts remains the same.
To help get you started, the snowball method is part of our Finance Manager Tools right inside online banking! Follow these steps to see your snowball plan:
- Log into online banking and click on the Debts tab under Financial Tools.
- Click on Filter Accounts and select which debts you’d like as part of the snowball plan. If you have external debts, you can easily link them inside online banking to get a full picture of all your debts.
- Make sure to enter all the details for each debt, such as monthly payment, interest rate, and original balance.
- Your snowball plan will calculate your debt free by date, as well as how much money you’ll save by following it.