The snowball method can be used as a means to pay off all forms of debt. Your mortgage, car loans, home equity loans, medical debt, and student loans just to name a few. However, where it can really be effective is if you’re trying to pay off credit card debt.
From my own past experience with credit card debt, I found the biggest challenge to eliminating it was just being able to get my arms around it. The ability to see the big picture and simplify it down to something I could manage. When I had multiple credit cards (I had four) with different balances, interest rates, monthly payments, and different due dates it created a very stressful environment. A situation where at best, all I could do was make the minimum payment from month-to-month. Of course, making the minimum payment did nothing to help me pay off my debt.
Understanding The Big Picture – How to Pay Off Credit Card Debt
Beyond the actual process and method to pay off credit card debt, the snowball method provides a simple means for organizing debt. A way of helping you consolidate all your credit card information so you can see the big picture of what you need to tackle. This method of simplification and organization provides focus, and consistency, which are important when it comes to paying off multiple credit cards.
If you have multiple credit cards, are struggling with a mountain of debt and are not sure where to start, watch my short How To Video, and learn how to pay off credit card debt using the snowball method.
For best viewing be sure to set video quality at 720p and view in full-screen mode.
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- How Many Credit Cards Should You Have
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- Should You Use a 0% Balance Transfer Offer to Pay Off Debt?
- 10 Successful Money Management Tips to Live By – from a 52-Year-Old
Helpful Resources:
- Filling The Pig – In 4 Steps eBook, creating a lifestyle of opportunities.
- Credit Sesame – free credit scores and credit monitoring.
- More FTP How-To Videos
