Snowballing – How To Get Out Of Debt The Dave Ramsey Way

money

How do you pay off your debts? Here is a simple yet very affective way to eliminate those debts….

The Snowballing method is quite simple. All you have to do is make a list of ALL your debt and put them in order of smallest to largest amount. Don’t worry about the interest rates.

You want to start paying off your smallest debt first to eliminate it’s payment and then using what you would have spent on that payment to “double up” on your next smallest payment.

Ex: Visa minimum payment =100
Mastercard minimum payment =$50
When the Visa card is completely paid off, your next Mastercard payment and thereafter until it’s paid off should be $150.00 every month.

When using this method, you will see results quickly and it will motivate you to continue.

Give it a try!!!

P. S. – Don’t forget to make your minimum payments on all your other debts every month!!