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Paying Off Debt: The Snowball Method

February 5th, 2014 at 09:48 pm

I wrote a post on

Text is Our Money Blog and Link is http://ourmoneyblog.blogspot.com/2014/02/fastest-way-to-pay-debt-off.html
Our Money Blog today about how to pay off debt the fastest way possible. In my opinion, this is using the debt snowball that many financial gurus recommend.

In the post I show some charts and an example. If you find yourself interested making a chart of your own debt, you should check out the calculator I used at
Text is What's the Cost and Link is http://www.whatsthecost.com/snowball.aspx?country=us
What's the Cost. I used an example without interest, but obviously that is not realistic. It is fun to work with different amounts to see how much faster debt can be paid off when more money is applied each month or interest is reduced.

We personally have paid plenty of debt this way. I specifically remember using pen and paper to plan a debt snowball after we were married. I know we had a car lease (ack!), a student loan (maybe two) and a personal loan (which was consolidated credit card debt from a failed business). I think there was other debt, but I can't even remember what it was now! I do know we paid off that personal loan in about one year, and the students loans before that. It was fast! And faster than my plan stated because we kept putting more money than planned towards the debt.

Does anyone else use What's the Cost to plan debt payoff? Is anyone snowballing debt right now? Did you snowball debt payoff in the past? Do you remember how much you paid off and how fast?

3 Responses to “Paying Off Debt: The Snowball Method”

  1. PauletteGoddard Says:
    1391637998

    My problem is that the debt with the smallest APR is the one with the largest monthly payment and is due the soonest. Right now it's the largest balance but it won't be by this May. I consider the possibility of not only putting in money saved during the paycheque-to-paycheque spending, but also "savings shavings" as the loan APR is 9x what we earn from balance interest.

  2. Buendia Says:
    1391657346

    That is a great example - makes it real! I love your blog!

  3. creditcardfree Says:
    1391657685

    @Buendia, thank you! I like your blog, too. Smile

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