Have you tried the snowball debt repayment approach?

[freelancermaria]

I recently found out about the snowball debt repayment approach through a person who was once in serious debt. The idea behind this is to pay off the smallest balances first, as it can serve as a motivational factor for someone who is struggling with debt. Seeing their debts vanishing fast, one by one can help them stay fired up and on track. Have you tried this before?

 

[Suba]

In theory, I understand the snowball debt repayment method, but because I don't have debt, I have never applied this method. This method also has advantages and disadvantages. Disadvantages: The snowball debt method is often considered tiring for long-term debt payments, this method also forgets about large loans with high interest.

 

[eLdavis]

Didn't know there was a name for this, but it seems a lot of people usually use this method to pay off their debts.

 

[Xtynehappy]

I have learned about that for some time now. l don't think if that can help me on the repayment of the debt for sure.

 

[Suba]

Snowball debt repayment focuses on paying off debt starting with the smallest amount that we can easily pay off quickly, then the number of installments will decrease and will create new motivation to immediately pay off other debts.

 

[Starmix]

I do not have any idea about that theory. I stay away from debs. As much as possible, budget your money wisely to avoid losing money.

 

[Fidelia]

For me, I prefer to pay off the biggest balances first before I move on to pay for the smallest balances. That biggest debts balances are the ones that give you high blood pressure.

 

[Augusta]

The snowball debt repayment style looks good but I have never used it. Debtors can use thos style to help them make some repayment faster

 

[freelancermaria]

In theory, I understand the snowball debt repayment method, but because I don't have debt, I have never applied this method. This method also has advantages and disadvantages. Disadvantages: The snowball debt method is often considered tiring for long-term debt payments, this method also forgets about large loans with high interest.

Yes, I have never applied for it before either. And you are right, there is a disadvantage to using the snowball debt repayment approach. If you focus too much on paying off your small loans, the interest you have to pay, such as on a credit card, will accumulate.

 

[Abdulhamid01]

I recently found out about the snowball debt repayment approach through a person who was once in serious debt. The idea behind this is to pay off the smallest balances first, as it can serve as a motivational factor for someone who is struggling with debt. Seeing their debts vanishing fast, one by one can help them stay fired up and on track. Have you tried this before?

You are very right about this, it works like magic. Paying small debts first will help to ease the burden of debts and even motivate one to clear the rest off on time and also helps for easy tracking of debts .

 

[freelancermaria]

Didn't know there was a name for this, but it seems a lot of people usually use this method to pay off their debts.

Yes, they usually pay off the small loans first before the big ones. However, before you try, weigh its pros and cons.

 

[Stardom22]

This is however a very slowly mode of the debt repayment for sure. For me l can't even apply that kind of strategies for my debts.

 

[Augusta]

Yes, I have never applied for it before either. And you are right, there is a disadvantage to using the snowball debt repayment approach. If you focus too much on paying off your small loans, the interest you have to pay, such as on a credit card, will accumulate.

This is why we sometimes need to employ our common sense just work with what would bring the most benefits at that time

 

[Suba]

The snowball debt repayment method has several advantages, such as being able to quickly pay off small debts, even simultaneously, so that there are only a few large debts that must be paid off immediately.

 

[freelancermaria]

This is however a very slowly mode of the debt repayment for sure. For me l can't even apply that kind of strategies for my debts.

Yes, very slow, but it is better than doing nothing. I hope you can pay off your debts soon.

Post automatically merged: May 9, 2024

This is why we sometimes need to employ our common sense just work with what would bring the most benefits at that time

Yes, do what you can do in the meantime. It is okay to pay off the small amounts first.

Post automatically merged: May 9, 2024

The snowball debt repayment method has several advantages, such as being able to quickly pay off small debts, even simultaneously, so that there are only a few large debts that must be paid off immediately.

Yes, it comes with a lot of advantages. If that is what you can do in the meantime, go for it.