Comments on: Reducing Debt with a Snowball (Guest Post)

By: tv izle

tv izle — Fri, 04 Jun 2010 21:36:19 +0000

While it may seem to make sense to tackle the highest interest debt first, if it is much larger it can be frustrating & tough to commit to.

By: debtbuster

debtbuster — Wed, 12 May 2010 05:19:11 +0000

Thanks for sharing this information! It’s really good. It totally makes sense to start with the least and moving forward. So by the time you end up on the last debt you would be able to focus on just paying that one off which is probably much easier when you have no other debts to worry about and the payment amount will be heaps bigger. Good thinking!

By: Fondue Pots

Fondue Pots — Fri, 07 May 2010 05:11:59 +0000

Oh..boy I don’t like the snow balls..It make sense to pay the smaller amount..

By: Rate Rush

Rate Rush — Thu, 06 May 2010 10:38:27 +0000

Paying only the minimum will drag out your debt for years (or in some cases, never pay it off at all). I like your idea about paying the highest interest first – that makes a lot of sense! Also, beyond credit cards, don’t forget about car payments or mortgages. They are still a debt to your name, and you may want to consider paying an extra mortgage/car payment instead of paying off credit card debt, if you already have low rates.

By: Laptop Briefcase

Laptop Briefcase — Wed, 05 May 2010 21:39:57 +0000

I am also paying off my smaller debt first. While it may seem to make sense to tackle the highest interest debt first, if it is much larger it can be frustrating & tough to commit to.

By: textbook rentals

textbook rentals — Wed, 05 May 2010 15:32:44 +0000

Great post. You make a great point regarding going for the smaller debt whether it is the only with the highest interest. The way our minds work this could be a great was to get yourself debt free. The other ones you can ignore “well not ignore but put aside” Is college and medical debts as they don’t affect your credit as bad as others.

By: Jake

Jake — Tue, 04 May 2010 02:53:23 +0000

Nice post. I just started to use the snowball method this week. My first 2 debt are almost the same total, so I decided to tackle the higher interest first. I will be a while before I see it completed, but I know it will feel good. My goal is to be done with all debt in ten years.

By: Credit Girl

Credit Girl — Mon, 03 May 2010 20:04:18 +0000

Yes! Persistence is so important because if you give up, it’s over. I’d definitely feel better if I cleared small debt and then move onto bigger ones because then at least I’d be making progress.

By: Forex Tips

Forex Tips — Mon, 03 May 2010 15:45:31 +0000

Start with clearing the smallest debt will definitely let you feel a sense of achievement and thus increase your motivation.

Thks for sharing this information.