So, I’m super excited because I just started using the snowball method for my debt. I always would just pay more than the minimums but I found an excel sheet with formulas to calculate all of my debts and use the snowball method. I’m also taking a huge risk but I think its the right decision for me. I’ll be deferring one of my student loans for a year to pay down my unsecured debts. Yes, a risky move but considering I’ll be paying my student loans for many many years I would like to be able to eliminate my credit card debts so that I can live comfortably AND pay my student loans comfortably.
Has anyone ever used this method before? Did it work for you?
I am intrigued as I am in the middle of paying down debt. So I looked the Snowball method up online. Here are simple instructions on how it works:
Step 1: List your debts from smallest to largest.
Step 2: Make minimum payments on all your debts except the smallest.
Step 3: Pay as much as possible on your smallest debt.
Step 4: Repeat until each debt is paid in full.