How to Not get Crushed by the Debt Snowball Method

The debt snowball method is a way to eliminate your debt, and it follows a similar pattern. You pay off your small credit obligations first, and then you attack the bigger ones.

You not overthink things by calculating interest charges. Instead, look for small victories by eliminating the smallest debt first.

Sometimes I feel like we get snowballed by the debt snowball

The focus here is to get rid of all debt except for the mortgage. We did pretty good with credit card debt, but we got hung up with Wendi’s student loans.

We’ve been stuck in the debt snowball, but

We have helped family, friends, and strangers dealing with financial hardships. We have had to pay for a new roof, replace two cars and all of this on top of the normal expenses of life.

We’ve been stuck in the debt snowball, but

We budget the entire year, so we set aside money for our trips months before we depart. While we still have a student loan and a mortgage, we have no other debt.

The debt snowball principles works, even in the difficult times

1. Stick with the plan: If you have $1,000 in payments each month, make sure you pay at least that much when you eliminate a $100 credit card payment.

If you are struggling with the debt snowball, try these things

Attack your debt or put it in your emergency fund. If you get a new job and make more money, then put more money toward getting out of debt.

2. Increase the amount you pay whenever possible:

You will never get out of debt or gain control over your finances if you continue to go further into debt. Be sure to do a budget every month and follow it. Avoid new debt to the best of your ability.

3. Don’t take on new debt