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Hello-

The debt snowball method is thoroughly explained in The Total Money Makeover. You can use it like thousands of others to get yourself out of debt fast. It’s hard to stop a snowball once it’s picked up a ton of steam. That’s what makes this method so appealing.

It does have its detractors though. Many personal finance gurus say to start with the highest credit card balance and pay that one down first. Dave says to start with the lowest balance.

Here’s a summary of the debt snowball:

The Debt Snowball approach is:

1. Order your debts from lowest balance to highest balance.

2. Designate a certain amount of money to pay toward debts each month.

3. Pay the minimum payment on all debts except the one with the lowest balance.

4. Throw every other penny at the debt with the lowest balance.

5. When that debt is gone, do not alter the monthly amount used to pay debts, but throw all you can at the debt with the next-lowest balance.

Thanks to Get Rich Slowly

I like this approach as well and am currently using it to pay down my credit card bills.  The boost you get when you pay off a credit card is so appealing.  And relieving.  You feel like you are actually getting somewhere.

Give it a try and see how fast you can get out of debt.

-Adam