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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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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How to Pay Off Debt Faster (and Easier!) Than Ever

How to Pay Off Debt Faster (and Easier!) Than Ever

Want to move from good to better to best in your finances and actually pay off debt fast? You can do it! But you have to draw a line in the sand.

That means no more mindless spending, way less eating at fancy restaurants, and no more swiping credit cards. In order to take control of your budget and make the most of your income, you have to get serious about your good intentions.

Our hope is to pair your good intentions with our proven strategies to help you pay off debt quicker and easier than you ever thought possible. Below you’ll find step-by-step instructions for assessing and attacking your non-mortgage debts, tracking your progress, and staying encouraged along the way.

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Where Does Paying Off Debt Fit Into Your Holiday Budget?

Where Does Paying Off Debt Fit Into Your Holiday Budget?

The average person will spend $463 on gifts for family members this holiday season, according to the National Retail Federation. Between presents, decorations, food and travel expenses, your money gets pulled in more directions than Santa’s sleigh on Christmas Eve.

If you wonder where extra payments on your debt fit into this festive season, here’s a quick four-step guide that shows you how to handle it.

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