What could you do if you didn’t have a single debt payment in the world? That’s right—no student loans, car payments or credit card bills. You could free up an extra $300, $500 or maybe even $800 in your budget every month! Ah, that’s the debt-free life.
And the quickest way to make your debt-free dream a reality is to use the debt snowball method.
What Is the Debt Snowball Method? The debt snowball method is a debt reduction strategy where you pay off your debts in order of smallest to largest, regardless of the interest rates. Not only does the debt snowball help you get rid of debt fast, it’s also designed to help you change your behavior with money—so you never go into debt again.
Here’s how the debt snowball method works: Step 1: List your debts from smallest to largest.
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