Insert slowing down to a crawl!

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Currently I have an App that is using VBSQL (DB-Library 6.0) access to SQL 6.5. I have two tables that I am Adding data to, that I am reading from a text file. I am seeing a large slow down as the Insert has written 500 or more rows. At first the speed is around 15 to 20 rows a sec,(thats a insert to table 1 and then table 2), then as we approach the 3 to 500 mark we drop to 1 row per sec. The only thing that the App is doing while in this Loop is 1 read in a line from the text file the Insert a portion to table 1 and the rest to table 2, then repeat until EOF on the text file. Right now I'm tring to figure out if the problem is My App, or SQL or both. Any Suggestions would be greatly Appriecated