Banks would benefit, too,
as more consumer debt would be paid off in full compared to the current policy of promoting heavier debt loads.
I can honestly say that without the debt snowball method we would probably have
more consumer debt today than we did back then (let alone be debt free).
They lived off of credit cards, built a house of cards of debt, finally declared bankruptcy, and immediately went on to
acquire MORE consumer debt!
As minimum payments grow, they turn to
more consumer debt to make ends meet.
Once you've made a decision to change, you need to be able to begin the change immediately and make a decision as a family that you aren't going to incur
any more consumer debt.
We don't need
any more consumer debt.