Sentences with phrase «debt snowflake»

One of the keys to understanding the effect of debt snowflaking is recognizing that an extra payment towards the principal on a debt is very similar to investing the money.

Last week, J.D. at Get Rich Slowly wrote a post about debt snowflaking and linked to several of my past snowflaking posts.

And if micropayments sound appealing to your budget, then debt snowflaking may be just the method for you.

Since debt snowflaking is all about micro-sized debt payments, it's a bit easier on your monthly budget.

On the flip side, debt snowflaking takes a less drastic approach.

Debt snowflaking refers to taking little bits of money that you make each month and applying them directly to your lowest amount of debt.

You can also add additional one - off payments, aka debt snowflakes to your snowball to really speed up the process.

Debt snowflaking is a strategy that focuses on paying off a debt in extremely small chunks of money.

Debt snowflaking is one of those student loan repayment options that comes with a lot more transactions and payments from your bank account to different debts.

It's important to weigh out all of the advantages and disadvantages of the debt snowflaking method so you can use it to it's fullest potential.

But what about debt snowflaking?

Debt snowflaking can help you feel like you're progressing more quickly with your student loan repayment since your balance continues to tick down on a regular basis.

To stick with the snowball theme, the strategy of making occasional extra payments above your normal budgeted total savings is referred to as snowflaking (see What is a Debt Snowflake?).

I certainly have never heard the term, «debt snowflake.»

Debt snowflaking is a great strategy for those just getting started with paying down debt.

If the debt snowflake seems more likely to work, then give it a try.

There are two very popular, proven ways to pay off debt: the «debt snowball» method and the «debt snowflake» method.

However, if you need a few small, quick wins, and some help getting over the intimidation of your debt mountain, then the debt snowflake will be a good bet.

The short answer: The debt snowflake method is used to pay off large amounts of debt, or a single debt with a very large balance (like a mortgage).

The debt snowflake method uses micro-sized debt payments, paid on a more frequent schedule, to slowly make a dent in your overall debt balance.

(See also: Get Out of Debt Faster With the «Debt Snowflake»)

It even supports the debt snowflake method of making small, extra payments as you're able.

One of the most effective strategies for paying down your debt quickly is to use the debt snowflake.

I wrote an article about that a while back titled «What is Debt Snowflaking»?

The snowball effect is the principle of devoting a specific amount of money every month to paying down your debts, while a debt snowflake is a one - time extra payment.

Using the principles of the debt snowflake and the debt snowball, you can use this money to pay off your credit cards, your car loan, and other consumer debt.

The spikes you see every six months are $ 1,000 debt snowflakes.