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Winter Is A Great Time For The Snowball Debt Method

January 15, 2020 by Hailey Harris Leave a Comment

Have you heard about the snowball debt method? If you haven’t, it’s time you do–especially if you’ve got debts to pay off. Let’s talk about the snowball debt method. What is it, and why does it work? Winter is a great time for it!

Debt has been known to be incredibly stressful for many. Nobody likes knowing they owe on something. And, sometimes that debt can get out of control. Today's topic of discussion is all about a technique called the Snowball Debt Method. Learn ideas from Dave Ramsey, and how you can get your debt taken care of. #snowballdebtmethod #debtfreeideas #payoffyourdebt

What is the snowball debt method?

The snowball debt method is a method from none other than financial guru Dave Ramsey. This method helps users pay off debts more effectively and gain the financial freedom we all want.

How does it work?

Just like a snowball that gets bigger and goes faster as it rolls down a hill, a debt snowball does the same. Only it’s your debt payments that get bigger, while your debts get smaller and smaller–at a faster rate than you may think possible!

Have you heard of the snowball debt method? It's a way to help you pay off your debt. Learn how the snowball debt method can help you!

How to start a debt snowball

To start a debt snowball, you first have to list out ALL of your debts. But instead of listing them according to the highest interest, list them from smallest payoff to largest.

Now get your debt snowball rolling down the proverbial hill by living frugally so you can pay everything you can against that smallest debt. Once you pay it off, take the entire amount you’re paying on it and apply it to the next debt on the list. Each time you move to a new debt, you’re paying the payments of all the previous debts toward it. That’s the snowball.

Have you heard of the snowball debt method? It's a way to help you pay off your debt. Start using the snowball debt method to help you achieve financial freedom.

Why does this method work so fast?

As you pay off debts, the amount that you’re paying on them increases. There’s no minimum payments allowed on the snowball debt method–and that is why it works! Instead of languishing behind constant interest {which never stops} you’re steadily increasing your payments so you can finally get ahead and stay there!

Have you heard of the snowball debt method? It's a way to help you pay off your debt. Start using the snowball debt method and watch your debt disappear.

Final Thoughts

People usually pay off high-interest debts first. But if that’s your biggest debt, you may feel like you’re never getting anywhere and lose motivation. The debt snowball helps you feel like you’re gaining traction against your debts–because you actually are. And that’s one of the best feelings in the world!

Filed Under: Budgeting, Debt, Money Tagged With: debt, debt management, Fast and Easy Ways to Pay off Debts, financial freedom, How to Pay Off Debts, Personal Finance, snowball debt method

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