S is for the Snowball Method.

 

The Snowball Method to Paying Off Debt. Where to Start?

Try this simple method for paying off credit cards…

 

 Step 1

Make a list of all your credit cards. Put them in order from the highest balance to the smallest balance.

Step 2

To pay off your cards, start with the card that has the smallest balance and pay off as much as you can on that card while paying the minimums on the other cards.

 Step 3

Once the card with the smallest balance is paid off, take the amount you were paying towards that card and apply it to the card with the next lowest balance.

 Step 4

 Persistence does pay off so keep on “keeping” on until ALL the cards are paid off.

 

 Answers from A to Z.

About Ann Zuraw

Ann Zuraw, the voice behind "Chicks, Chat and Change", is a Certified Financial Planner (CFP®), Chartered Financial Analyst (CFA®), and Certified Divorce Financial Analyst (CDFA™).If you have comments on this post contact Ann Zuraw

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