Finally Get Out of Debt

It’s time to stop trying to get out of debt and finally get out of debt.  Here’s how.

I don’t know about you, but I’ve tried the credit card path and lived the last 15 years without it; frankly, I like the debt-free option much better. So, do you want to smash those debts and get on the path to financial freedom now? Then let’s talk about the Debt Snowball! Although there are many other methods used around the world to get out of debt, this is possibly the most powerful weapon in your arsenal to conquer those pesky creditors. Here’s how it works:

1. List Your Debts, Smallest to Biggest: Grab a paper and pen (or your favorite app). Write down all your debts, except your house (we’ll tackle that one another day!). List them from the smallest balance to the biggest, not by interest rate. Making payments on high-interest debt, though it makes mathematical sense, here we are doing what makes emotional sense.  We want you to see progress with our efforts. We’re going for quick wins here!  So, from smallest amount to largest.
2. Minimum Payments on Everything Except the Smallest: Now, You make the minimum payments on ALL your debts to keep the collectors at bay. But here’s the twist: throw all our extra cash at the tiniest debt first.
3. Avalanche That Tiny Debt!: Imagine that little debt is a snowball rollin’ down a snowy hill. With every minimum payment and any extra money you can scrounge up, that snowball gets bigger and BIGGER! You’re going to throw everything you can at that tiny debt until it’s completely GONE!
4. Repeat and Conquer!: That’s the power of a win! Now, take all that money you were throwing at the first debt and do the same with the next smallest debt on your list. Keep that snowball rolling knocking out those debts one by one! Until you’ve completely paid off ALL of your debts.

Why It Works:

The Debt Snowball is all about psychological warfare against debt! Seeing those small debts disappear FAST keeps you motivated. It’s an emotional win that causes you to do a victory dance on the grave of your debt monster! It builds momentum and keeps you fired up to tackle the bigger ones later.

But Here’s the Deal

If this is something that you want to succeed at, then you can’t keep swiping that little piece of plastic! Make a plan, cut the spending— no more shopaholic spending sprees! You can’t add to the balance and expect to pay it off simultaneously. Every dollar saved needs to go towards eliminating debt and building your emergency fund.

This is not an easy feat, but with fierce intensity, you can snowball your way to financial freedom! So, grab your metaphorical shovel, and attack those debts like a team of debt-destroying ninjas!