- January 27th, 2010
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More content full of random garbage.
Similar to the first strategy, you’ll want to make a list of each of your credit card debts in order of smallest balance to largest balance. When you pay off the card with the smallest balance first, check it off the list and move on to the next smallest balance. Again, don’t forget to also pay the minimum payments each month on your other credit cards.
The Debt Snowball is for those who have a hard time mustering and maintaining the motivation to pay down their debt. While you’ll likely pay more money in interest over the long-term with this approach, the psychological boost you’ll gain may be just what you need to succeed in becoming completely debt-free.
