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The Snowball Method - Isikhungo Sabantu FSC

The Snowball Method

The debt snowball method is a strategy for paying off debts. The idea is to pay off the smallest debt first, and then use that money to pay off the next smallest debt, and so on. The goal is to get rid of all your debts, one by one.

This method can work well if you have a lot of small debts. It can also help you stay motivated, because you’ll see each debt getting paid off one by one.

Things to keep in mind

The Snowball Method - Iskhungo Sabantu Financial Services Cooperative IS FSC

There are a few things to keep in mind if you’re thinking of using the debt snowball method. First, make sure you’re making the minimum payments on all your debts. You don’t want to get behind and end up with more debt than you started with.

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Discipline

Second, the debt snowball method only works if you’re disciplined about making your payments. If you miss a payment or two, you’ll start to fall behind, and it will become harder and harder to catch up.

Conclusion

Finally, remember that the debt snowball method is just one strategy for paying off debt. There’s no one-size-fits-all solution, so make sure to do your research and find a strategy that works for you.

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09/08/2023 No Comments

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