Want to get out of debt fast? Then commit to the debt snowball.
You might be thinking, “Oh yeah, yeah, I’ve heard of the debt snowball. It makes sense – you pay off your debts one at a time until they’re gone. I got it.
No, you missed it. You missed it entirely.
How the Debt Snowball Works
The debt snowball is about more than just paying down your debts one at a time. There are three major elements to the debt snowball:
Your initial lump-sum contribution Your contribution each month Laying out your debts – from smallest to largest
And you know what? Interest rates have pretty much nothing to do with the debt snowball. Do you know why? Because paying off debt is 80% emotional and 20% logical. Paying off debt is more about immediate progress than it is about math. All you nerds out there, just trust . . . → Read More: How The Debt Snowball Really Works (Free Tool Included For YOUR Debt Snowball!)