Here’s how Janet Alvarez, the executive editor of a personal finance website, climbed out of $150,000 debt in just 6 years. - NBCNewsBETTER
. The popular technique, created by businessman Dave Ramsey, requires you to continue paying the same amount on your debt even as you pay down your loans. For example, let’s say you have five debts totaling $1,000 a month, and you paid off one of them, bringing the total down to $900. Using the snowball method, you would continue contributing $1,000 a month until all loans are paid off in full, allowing you to pay it off much faster than if you only paid the minimum.
“The snowball method is wonderful because it allows you to start with your smallest debt, and once you pay that off you can use the extra money that you have now that’s not going towards that debt and apply it to your next biggest debt,” Alvarez says. Once you start mastering your smallest debts, she says, you begin to build the confidence to tackle the larger ones. Plus, she adds, you’ll have more money to throw at them.
“I really found that to be pretty successful in my case,” she says, “because at the time I really needed the motivation. I really needed to believe that I could handle the amount of debt that I was in.
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