debt snowball

Debt:There’s No Snow in a Debt Snowball

Debt, finance / / 46 Comments
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Debt, oftentimes correlated with water, is expressed by saying “I’m drowning in debt.” On the other hand, debt has also been associated with snow as in having a “snowball effect.”

I must say to everyone that reads this, this technique does work. I have paid off 2 vehicles and now I am focusing on my student loans. After my student loan, I will tackle my mortgage. It is my hope that you will give this technique a try .

Debt Snowball

is an elimination strategy to reduce debt. “To begin the Snowball process, list all debts, and create a spending plan. While using this method you would make the minimum payment on all your debt and when the smallest bill is paid in full, you roll the money you were paying on that debt into the next smallest balance. For example, if your smallest balance due is a medical bill, pay off that balance, take the money you were paying towards the medical bill and add it to the minimum payment you were paying on the next smallest balance. Your snowball will grow larger as you tackle more debt. It may take 24 months or so (depending on your situation), but you will see progress.

Why start with the smallest bill first instead of the bill with higher interest rates/balances? Snowballers will begin to see progress quicker by paying the smaller bills first. By the time you work up to the larger bills, you will have more funds to apply towards higher balances.”

Becoming financially free not only relieves that “drowning” feeling but allows you to establish an emergency fund or saving for retirement, investments, and other long-term goals.  

Remember, God expects us to be good stewards (managers) of His resources (Proverbs 6:6-8, Luke 14:28-30).

Go to my Blog (FaithfulFinancesForever.com), leave a comment, and purchase my book if you are looking to change your mindset on money.

46 thoughts on “Debt:There’s No Snow in a Debt Snowball”

    1. wilsonkeith35

      I encourage you to go to the next level and purchase my book (Faithful Finances Forever)..It will be a blessing to you

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    1. wilsonkeith35

      Great, I am glad you are finding my site useful..spread the word and go to the next level by purchasing my book.
      Faithful Finances Forever, just click on the link that is on my home page and you will be directed to Amazon

      Faithfulfinancesforever.com

    1. wilsonkeith35

      Great, I am glad you are finding my site useful..spread the word and go to the next level by purchasing my book.
      Faithful Finances Forever, just click on the link that is on my home page and you will be directed to Amazon

      Faithfulfinancesforever.com

    1. wilsonkeith35

      Great, I am glad you are finding my site useful..spread the word and go to the next level by purchasing my book.
      Faithful Finances Forever, just click on the link that is on my home page and you will be directed to Amazon

      Faithfulfinancesforever.com

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