The Debt Snowball: How and Why this Method Works

The Debt Snowball: How and Why this Method Works

Take just a few minutes to think about your debt—really think about it—and you’ll no doubt begin to feel overwhelmed.

It’s weird, isn’t it? You might spend years swiping credit cards and signing for loans without a moment’s hesitation. And then one day you wake up with a gasp and a realization:

I have to get rid of all this debt!

But like most things that take time to build up, paying off debt doesn’t happen overnight. Thankfully, you’re not alone. Plenty of folks in the EveryDollar community have been right where you are.

And we’re here to offer you the best method for getting rid of debt faster and easier than you ever thought possible: the debt snowball.

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what debt do i pay off first

What Debt Do You Pay Off First?

It’s a common question when paying off debt—Should I pay the debt with the highest interest rate first since it costs me the most money?

Short answer: No. But we’ll explain. It’s best to start with the smallest balance. Here’s why.

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kanye west can get out of debt

Anyone Can Get Out of Debt. Even Kanye West.

During a candid Twitter confession this week, Kanye West announced that he owed $53 million in debt. He said he “wanted the world to know his struggle.”

Mission accomplished, Kanye.

While the details surrounding his debt are still a bit murky, the fact that a multi-millionaire can be in debt roughly twice his income is a little startling to most people.

Then again, it may not be that shocking to you. If you’re like 80% of Americans, you know how it feels to be in debt. That new car probably seemed like a good idea at the time. But now you’re frustrated with the never-ending payments.

So how do you get rid of them? Well, if you’re Kanye, you send another very public tweet to Facebook billionaire Mark Zuckerberg asking him to “invest 1 billion dollars into Kanye West ideas.”

We recommend a slightly different route. Here are three simple steps to creating a life without debt:

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Create a Game Plan for Attacking Your Debt

Create a Game Plan for Attacking Your Debt

Paying off your debt is a lot like scoring a game-winning touchdown. You start with a solid plan and end with an over-the-top victory dance.

Whether you’re a beginning budgeter or you’ve been budgeting for years, everyone tackles debt the same way: one yard at a time. So get out there and start running!

Here are three straightforward steps to help you pay off your debt once and for all.

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