Use a debt snowball to get out of debt fast
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hey cant you just not pay them?
brianwurst1234 1 year ago
Any loose change and snowball works. I think the small loans should be knocked out first. Then the last one and the biggest last. Any way you can scrap any extra towards the debt will produce high energy levels once you see the balance start to drop by bigger chunks each month. You have to stop with the birthdays and Christmas for a couple of years or you will loose the momentum so be strong and just stay close to home and your goal. Good Luck!
JamJells 1 year ago
If you're struggling with debt you could try free sites like:
easyc4sh,co,cc
gobbothegoblin 2 years ago
Correct approach is the one that works for you. The difference in interest paid between highest rate first and smallest balance first is small, but the feeling you get from actually paying off a debt is HUGE! A great motivator to keep going. That's why it works, even if it costs a bit more.
cwyman66 2 years ago
Correct approach is to paid the highest interest rate one first.
bk9696338 2 years ago 2
If people were taking math into account when spending their money then they wouldn't be in debt in the first place. Financially speaking YES, paying the highest interest first does make since. HOWEVER it may make more sense psychologically to concentrate on paying off the lowest balances first for a morale boost. In my personal situation I have five credit cards plus a bank loan totaling $58K. Paying off the lowest balances first vs highest interest at $1300 p/mo. would cost me an extra $80.
dcw77 3 years ago 2
Wouldn't snowballing the highest APR cards first make more sense? Saving money gives me a bigger psychological reward.
clutchcargo666 3 years ago
This is what I have been doing; I didn't know they had a name for it! LOL
It is wonderful each time one is paid off; makes ya want to pay off the rest! (smile) Oh and a little into savings each payday can be addicting! Best habit I ever got into was paying myself a little each payday, and putting it away!
Great video!
wiskawind 3 years ago
hey thanks for posting this...
spmandmtgr 3 years ago