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Lifestyle: A Brilliant Strategy for Eliminating Personal Debt

Craig Forte
Are you struggling with mounting debt? If you are, here’s a great trick debt counselors use. It’s called “the snowball strategy“, and it’s really quite simple. First, make a list of all your debts beginning with the smallest balance first. Then, continue listing your debts from smallest to largest. Don’t fret or concern yourself with your payment amounts or interest rates.

Then, begin by starting to pay off the smallest debt first (of course while continuing to make your minimum monthly payments on the other debts). Once the smallest debt is paid off, then take that payment and combine it with the payment for the next smallest debt. You’ll double your payment power and pay off that debt more quickly.

After you pay off the second debt, you’ll combine that payment with the payment for the next smallest debt and continue on the process, creating a “snowball effect.” You’ll pay off your debt faster and easier, and it’ll keep you motivated at the same time!

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