Debt Consolidation Blog

Debt Reduction and the Snowball Effect

Debt Reduction Strategies

This section describes the different strategies that you can choose within the debt reduction spreadsheet. Unless you choose the "No Snowball" option, ALL of these strategies make use of the snowball "effect" where after you pay off your first debt, you roll that payment into helping pay off the next one. For more information, see Dave Ramsey's article on the debt snowball effect, or read his book, "The Total Money Makeover".

Debt Reduction Calculator

Here is a screenshot of our Custom Debt Reduction Calculator:

Total Debt Service Ratio Calculator

Use the calculator below to determine your TDS (Total Debt Service Ratio).

	Monthly Mortgage Payment	$
	Monthly Property Taxes	$
	Utilities (Heat, Electricity, etc)	$
	Condo Fees (if required)	$
	Total Payments
	Gross Monthly Household Income	$
	GDS %

	Other Debts (Credit Cards, etc.)	$
	TDS %

Example of your TDS, or Total Debt Service Ratio:

-Total Monthly Housing Payments:                            $1653.50
-Other Debts(loans, vehicle lease, credit cards, etc):   $ 850.00
-Total Monthly Debt:                                                     $2503.50
-Gross Monthly Household Income:                               $6500.00

using our numbers, we get:

How do I Get a Free Credit Report?

Thursday, 19 November 2009 17:59

In Canada, free credit reports are only released by credit report agencies. Credit report agencies are financial institutions that specialize in the computation and evaluation of your credit scores and ratings. The three most trusted credit report agencies in Canada are Equifax Canada, TransUnion Canada, and North Credit Bureaus Inc. Here are some tips to help you get a free copy of your credit report:

What is 'Credit Freeze'?

Thursday, 19 November 2009 17:41

Your credit report is the primary measure of your financial worth. It is also one of the main factors considered by lenders, creditors, financiers, and insurers whenever they evaluate the risks involved in making business with you. To control the release of your credit records to other parties, you can request for a credit freeze.

RECENTLY ADDED GUIDES: