But, let’s face it, Dave is mainly known for helping people to get out of debt. And all of that takes place in Baby Step Two: The Debt Snowball.
The debt snowball involves ordering your debts from smallest balances to largest, and then throwing money at the smallest until it’s gone.
After that, you take all your available debt repayment money — including the payment amount from the debt you just paid off — and you throw it at the next debt.
As you move down the line, the amount of money you have available to pay off debt each month becomes larger and larger. In other words, it begins to snowball. And that is how you gain traction and pay off your debts really fast.
But why not watch Dave explain the debt snowball as only he can:
Are you currently working a debt snowball? Do you have any tips for making it roll faster?Note: I'm no longer adding new posts to The Family CEO. I am, however, writing at Creating This Life, where we talk about home, books, travel, and other life stuff.
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