GETTING OUT OF DEBT

The internet has a lot of ideas for how to get out of debt. Some work and some don't.

Here’s a quick rundown on the way we used to get out of debt. 

What’s the debt snowball method? In my opinion it’s the best (and fastest) way to pay off your debt—especially if you’re juggling several different types of debt. Here’s how it works:

1. List all your debts from smallest to largest, ignoring the interest rates.

2. Make minimum payments on all your debts, except the smallest—that’s the one you’ll attack like a vegance. You are going to throw as much extra money at that smallest debt as possible! 

3. Once you pay off your smallest debt, take that payment and apply it to your next-smallest debt.

4. Repeat this process until all your debts are gone!

By knocking out your smaller debts first, you free up more money faster. Like a snowball rolling down a hill, you gain more momentum to tackle the rest of your debt. And each quick win gives you the motivation to keep going! Trust me, this gets very exciting as you begin to see your progress.