Comments on: Get Out Of Debt With The Debt Snowball Method – GS4

By: Joanna

Joanna — Sun, 29 Jan 2012 20:55:20 +0000

Love your positive take on managing money problems – people everywhere will be feeling a whole lot better. Lots of tips to save money, too. Keep up the good work!

By: Carvinal of Personal Finance - "Ask the Right Questions" Edition

Carvinal of Personal Finance - "Ask the Right Questions" Edition — Mon, 09 Jan 2012 03:10:27 +0000

[...] from Christian Personal Finance presents Get out of debt with the Debt Snowball Method, and says, “Creating a debt snowball is my preferred method of getting out of debt. The [...]

By: Tucker

Tucker — Sun, 08 Jan 2012 01:15:07 +0000

Wow. It is such a simple idea, yet I never thought to look at it that way!

By: Melissa@PersonalFinanceJourney

Melissa@PersonalFinanceJourney — Sat, 07 Jan 2012 01:27:37 +0000

I think the best part of the debt snowball is that it gives you relatively quick results to keep you motivated. If you are able to pay off a $1,000 credit card within a few months, you are motivated versus plugging away at a $12,000 credit card with a higher APR. it is nice to see results right away.

By: What’s Cool Around The Web | Green Panda Treehouse

What’s Cool Around The Web | Green Panda Treehouse — Fri, 06 Jan 2012 10:02:33 +0000

[...] 11. Get Out Of Debt With The Debt Snowball Method – GS4 @ Christian PF. [...]

By: Robert Vazquez

Robert Vazquez — Thu, 05 Jan 2012 23:51:55 +0000

Wow! I came across a person who has been making extra money through a blog. I was curious to find out more about bloging and came upon your site. This is going to sound dumb, but I was so cought up in reading about how to start a blog that I didnt realize that you offer the kind of help I am looking for. I am seriously going to go home and do this. Since this is the begining of the year, my wife and I had a goal to catch up on some past due bills so that we could start fresh in 2012 and start paiying off debts. Thank you so much for putting this out there for people like me to be blessed through.

By: Victoria

Victoria — Thu, 05 Jan 2012 21:08:31 +0000

As Carol stated, you have to choose the method that is most comfortable for YOU, as long as it WORKS. I don’t have a huge amount of debt, so the snowball method works fine because I can eliminate balances before interest rates climb very high. It is so gratifying to see the results! Thank you, Bob, for reinforcing the concept.

By: Joolie

Joolie — Thu, 05 Jan 2012 19:49:06 +0000

The snowball works – and there’s a reason Dave Ramsey calls them Baby Steps … two years after beginning our debt snowball, we can say (as of December 2011) we’re debt-free except for the mortgage. No, it didn’t make sense mathematically, but by starting small (baby steps) the emotional payoff was two-fold: 1) we could celebrate that we’d paid something (ANYthing) off, and 2) our payment toward the next debt was greater by using the payment we’d been making on the smaller debt.
Further into the process we began moving debts around to pay off some higher interest debts, but by then we were believers and knew we would achieve our goal – we no longer needed to convince ourselves with little successes.

By: Doug

Doug — Thu, 05 Jan 2012 17:29:01 +0000

I fully understand the smallest to largest debt game-plan. But when seeing that this method will cost us over $1300.00 in additional interest, well, it’s an easy decision for us. Sorry Mr. Ramsey. Sorry Bob. It’s highest interest rate to lowest for us. No amount of motivation gained from paying off the smallest to largest debt could persuade us otherwise. I’ll take the small wins of knowing what I am saving in interest rather than paying in interest.

By: Kiesha Easley

Kiesha Easley — Thu, 05 Jan 2012 17:17:08 +0000

Hi Dede,
I think you missed the point – he actually says here that this is NOT mathematically the best methods – it’s the best in terms of emotion. If most of operated optimally in the mathematical realm the way we are supposed to we wouldn’t have allowed ourselves to get into debt in the first place.