R

Congratulations! The debt payoff method most likely to work for you is the Snowball method.

Click here to download a PDF of your results.

The Snowball method prioritizes paying off your smallest debt first and then rolling that payment into your next highest debt.

How it Works:

When you look at your list of debts, put them in order from lowest balance to highest balance, ignoring interest rates or payment amounts. Pay the minimum payments to all balances except the lowest remaining balance. Throw all extra money at that debt. Do this until that debt is paid off. Then throw all extra money at the next lowest balance, and so on until you are debt free.

Who it’s best for:

This method will work best for you if you want to get out of debt but have a lot of doubt about whether or not it’s possible. If your motivation to get out of debt wanes or comes and goes, targeting the smallest one can provide instant gratification and a quick win to help you stay motivated. By paying off smaller debts quickly, you’ll get confirmation that what you are doing is working.

If you have a bunch of debts and they feel overwhelming to you, like you’ve got a lot of “financial clutter” with minimum payments and due dates to keep track of, and you can wipe out some of them rather quickly, this strategy could be best for you.

Does this sound like a strategy you can feel excited about? I’d love to hear what you think. Drop me an email at  info@fiscalfitnessphx.com and let me know what you think of your results.