The "Debt Snowball" Method - Does It Really Work?

Learn how the debt snowball method can help you pay off your credit card bills completely!

Let's say you've got a bunch of credit card bills and you really want to find some way - any way - to get yourself out of debt. If you don't want to get professional help and you want to do it yourself, here's a solution:

The "Debt Snowball" method.

Think of your debt like making a snowman. You start with a small snowball. Then you roll the snowball in the snow, and as you roll it keeps getting bigger, and bigger and ... well, before you know it you've got a snowman!

And that's how the debt snowball method works. You start with your smallest debt. Once you've paid that one off you add the money to the next debt, then the next. And before long, you're making bigger and bigger payments - and you're debt is getting smaller and smaller!

The financial "experts" will tell you to start with the highest interest rate. Looking strictly at the numbers, they're right. But when it comes to debt, you're better off starting with the smallest debt (regardless of interest rate).

Why?

Because you'll see results faster. And you'll be more likely to stick with the plan!

Here's how it works in a nutshell:

1. Write down your debts from lowest balance to highest balance.

2. Pay the minimum payment on all debts except the one with the lowest balance.

3. For the debt with the lowest balance pay the minimum PLUS as much extra as you can afford.

4. Once that debt is paid off, add the amount from step 3 to the minimum payment for the next smallest debt.

5. Keep going until ALL of your debts are paid off!

The problem with most debt reduction plans (credit counseling, debt consolidation, debt settlement, etc.) is not that the plans don't work. It's that people don't stick with them!

Will the debt snowball plan get you out of debt overnight? No. There is no "magic cure" when it comes to debt. It probably took you years to get into debt. So unless you win the lottery, get a big inheritance, or a huge raise at work, it's going to take you time to get out of debt.

But in the end, you'll be glad you did it! You'll be able to sleep better at night. You'll have more money to use on fun things in your life. And you'll know that hard work and dedication can get you out of debt.

So you'll be more likely to STAY out of debt!

Give the debt snowball method a try. And let me know how it works for you!

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