How to use the debt snowball method | how to pay off credit card debt FAST

[@mosthated8190]

I’ve always like the snowball method because like you mentioned. You eliminate a debt and one less payment the following months which allows you to focus on the other smaller ones. I just got out of $10k debt in 3 months. Very disciplined is how I made it happen.

[@bendietrees]

Wow that's pretty incredible! I wish I made enough to do that!!!

[@Justin-yc5xz]

I’m about 12k in debt with near 10k credit card debt and around 2k on a car loan I hope in 3months it’ll be paid off like you mentioned you were. I’ll focus on credit cards because of interest

[@ProJvst]

@@Justin-yc5xz what debt you owe 12k on if i could ask

[@AmoreG94]

It also motivates you to keep paying off debt

[@tomn1173]

The snowball method is about paying off debt using psychology and small wins. Avalanche method is actual math and would actually save you more money.

[@Denver.real.estate]

Psychology vs. Math - the eternal battle in the world of debt repayment! Which side are you on?

[@michellekluegel5459]

100% truth. I’ve done it that way for over 35 years. Thank you for sharing

[@budjiman1]

Why have you been doing it for 35 years? Lol

[@californiabullies7267]

​@@budjiman1 cause it takes longer to pay off your debt this way hahaha

[@doneropersaud1607]

For me it’s illuminating which debt has the largest minimum payment and that’s the one I try to illuminate first then the next big one after…basically highest balance to lowest

[@robynmoxham4255]

Dave Ramsay’s advice

[@ms.v3307]

Sound advice! Now let’s see if people will actually do it!😅

[@DreamingonaDime]

thanks dave ramsey

[@Denver.real.estate]

Any time

[@Wrensspeedshop]

Don’t most financial Institutions that you may have an account with an interest with, require that they run your credit to see if you’re eligible for a new/better rate?

[@alymayz928]

If you have medical debt w/ no interest, should you pay it all off at one time if you have the money?

[@user-il6sq8rx7y]

You actually pay more and take longer doing this method. Start with the highest interest accounts FIRST!!!!!

[@SchnabelMcSchnabel]

The idea is that debt is a behavior issue, and paying off a small debt keeps you motivated.

[@hasansaya6823]

Who else just learned about this?

[@dougfredricks2017]

I was Recently approved for disability due a medical that prohibits me from commercial driving. I accrued debt with a few going into collections. I will try this approach.

[@familylifetoo9541]

You can offer less to collections

[@dougfredricks2017]

@@familylifetoo9541 I been watching financial news where Capital One is attempting to merge with Discover Card. I hope they don't screw that up. L😜L

[@foodhope7313]

Awesome techique

[@Denver.real.estate]

Thank you! Cheers!

[@user-wh4mf1tl5q]

What if i have only saving left over is equal to that of lowest credit card bill amount ?

[@Denver.real.estate]

Cut expenses or make money with another activity! I know it sounds simple and redundant and, maybe even stupid, but that’s the best possible solution. I’ve had friends that I’ve worked in a second or third job just for the down payment amount for a few months, and to get everything squared away.

[@possle]

Do you apply this technique if the debt is 0% interest or leave them till last? Does the same apply regardless of whether its a loan or credit card?

[@Denver.real.estate]

I mean if it’s 0% interest I would focus on what has interest first. Yes credit card or loan.

[@doneropersaud1607]

Question is are you still debt free?

[@Denver.real.estate]

Only have a house and car payment