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Do You Want To Pay Down Your Debt Quickly

Do You Want To Pay Down Your Debt Quickly

Want to pay down debt more quickly?

Then debt roll-up, also known as the snowball method, may be the strategy for you.

Getting started is easy – Simply:

  • Commit to stop borrowing
  • List all your debts in order of amount, from those with the lowest to the highest balance, or by interest rate, from highest to lowest
  • Pay more than the minimum payment each month on Debt 1, while paying the minimum payment on the other debts
  • Once you've paid Debt 1’s balance, add the amount you were making on each Debt 1 payment to each of Debt 2’s minimum monthly payments, while continuing to make the minimum payments on your additional debts
  • Repeat the process until all your debts have been paid

You’ll get on a roll and pay off your debts faster. After one is fully paid off, you’ll have the momentum and cash flow to tackle the rest. If you focus on paying off balances with the highest interest, you will pay off your debts with a lower total amount of interest paid.

Would you like to discuss this concept with a financial services professional? Reach out to our licensed associate today. FREE CONSULTATION!!!

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