Comments on: Back To Basics: Using The Debt Snowball To Pay Off Debt

By: Nicole

Nicole — Thu, 30 Jul 2009 00:07:43 +0000

The best part of getting out of debt is the freedom you get from going through the consumerist detox! .-= Nicole´s last blog ..If you’re looking for love. The kind of love that makes your soul feel full. =-.

By: Mary@SimplyForties

Mary@SimplyForties — Fri, 31 Oct 2008 02:50:05 +0000

I'm doing this using the highest to lowest interest rate method. Even though that is contrary to the Dave Ramsey debt smowball, it also works very well! Read Mary@SimplyForties´s lastest article - Beef Burgundy

By: Jeff

Jeff — Thu, 23 Oct 2008 12:53:46 +0000

@Erin – I’d be curious to know what about creating the chart you didn’t like. Was it the process or what the chart revealed to you?

Thanks for the update!

By: Erin

Erin — Thu, 23 Oct 2008 03:11:19 +0000

Just wanted to report back. I sat down last night and made my chart. I don’t like it. Nope. I think just getting through that part is hopefully the toughest of it all.

Now on to the snowball!

By: Evelyn Lim

Evelyn Lim — Wed, 22 Oct 2008 01:40:21 +0000

You've provided a practical guide here with calculations to get out of debt! I don't have debts but I can see how useful your post is to those in serious need for help. Thanks for sharing! Read Evelyn Lim´s lastest article - Can You Read My Mind?

By: Erin

Erin — Tue, 21 Oct 2008 22:34:06 +0000

I've not heard of the debt snowball before, but I like it. I am going to sit down this evening and make my chart. You are right on with the 0% apr cards. If a person can handle it, it's a great way to pay off the debt a bit quicker - however that newly emptied card can just be way too tempting. Thanks for the great article! @Frugal Dad - $15k since May. That is truly impressive. Read Erin´s lastest article - How To Remember Names - Five Easy Tricks

By: Jeff

Jeff — Tue, 21 Oct 2008 18:05:28 +0000

@FD – Your accomplishments this year are a great example of what the debt snowball can do. I hope others will follow your example!

Thanks for sharing how much you’ve paid off!

By: Frugal Dad

Frugal Dad — Tue, 21 Oct 2008 16:28:17 +0000

Great overview of the snowball plan. We've used that exact same plan to knock out about $15k in debt since May of this year! We've still got some debt to work through, but we're getting close. Read Frugal Dad´s lastest article - What to Tell Our Children About the Economic Woes of Today

By: Jeff

Jeff — Tue, 21 Oct 2008 15:53:24 +0000

@Lin – It is much better to just pay the card off rather than worry about the interest rate. The difference in interest paid over a few months won’t amount to much. Why swat the flies when you have an elephant in your living room?

In addition, what typically happens is that people run up a balance on the new card and also go back to charging on the old card. This just compounds their credit card debt dilemma. I’d rather see people focus with intensity on paying off their debt and cutting up their credit cards for good.

Great question!

By: Lin

Lin — Tue, 21 Oct 2008 14:07:07 +0000

Hi Jeff, this is great information for people trying to get out of debt. I've heard/read several people talking lately about moving credit card debts to brand new 0% credit cards to help reduce the interest rate they're paying. What are your thoughts on that? Read Lin´s lastest article - How to Quit Smoking Cigarettes & Stop Smoking For Good