I wrote a post on
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 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?
February 5th, 2014 at 10:06 pm 1391637998
February 6th, 2014 at 03:29 am 1391657346
February 6th, 2014 at 03:34 am 1391657685