-LSB-...] I've been reading
about the debt snowball method of debt reduction.
The truth
about the debt snowball method is that it's a motivational program that can work at eliminating debt, but it's going to cost you more money and time — sometimes a lot more money and a lot more time — than other debt relief options.
Before you can start talking
about debt snowball method, it is probably you are having more than one debt.
Not exact matches
If you're serious
about debt payoff, try the
debt avalanche or
snowball method.
Debt snowball method is good for people who are burdened with their
debts and don't know what to do
about it.
Debt Snowball Calculator I have written a lot about how using the Debt Snowball Method has helped me pay off over $ 100,000 of debt in under two ye
Debt Snowball Calculator I have written a lot
about how using the
Debt Snowball Method has helped me pay off over $ 100,000 of debt in under two ye
Debt Snowball Method has helped me pay off over $ 100,000 of
debt in under two ye
debt in under two years.
If you're serious
about paying off your
debts, I highly recommend you read my complete guide on using the
debt snowball method.
According to Dave Ramsey, who created the
snowball method, «
Debt repayment is more
about behavior than knowledge».
My overall goal is boosting my savings rate, which pretty much makes all other items fall in line (
debt repayment, spending, saving, investing), but I did need the psychological «brain training» of the Ramsey
snowball method to really kick off the new change in my thinking
about money.
That's so true, Chonce,
about the
snowball method helping to keep your spirits and attitude up when paying down
debt.
This is clear in our firm standpoint on «avalanche» being way superior to «
snowball» as a
debt repayment
method — check out our article on the matter if you have no idea what I'm talking
about!
I played with the numbers a while back and my conclusion was that the difference between the plans — unless you're talking
about enormous
debt loads with huge disparities in interest rate — doesn't save you enough to not try the
debt snowball method.
You often hear a lot
about the
snowball method being the ideal
method to pay off
debt, but you don't really see the math showing the difference over time.
It's the
snowball method Dave Ramsey talks
about (and that I detailed in Seven Steps to Get Out of
Debt).
The best thing
about the
snowball method is that you can tweak it to fit the way you want to pay down your
debts.