Sentences with phrase «debt snowball means»

Not exact matches

Commonly called the «debt snowball,» this strategy can help you win the crucial psychological battle of overcoming debt: Paying off the smallest balances first means you'll score some «big wins» and start gaining momentum right away in what can be a long, discouraging process.

One thing I'll add is that sometimes we (and when I say we I mean I;) make sacrifices during the debt snowball that are not sustainable.

If you decide to use debt snowball method to get out of debts, you need to understand that this does not mean you will face the smallest debt only and then abandon the other debts entirely.

As I mentioned earlier, I ran the math myself, comparing the «optimum» strategy (which means you repay your debts in order of interest rate, highest to lowest) to the «debt snowball» strategy (which means you repay your debts in order of balance, lowest to highest).

For us, this meant using a dry erase marker on our bathroom mirror to keep track of how much debt we owed, how much debt we had paid off, and when our expected «debt free day» would come (using my debt snowball calculator)!