What is the Snowball Strategy?



What is the Snowball Strategy? This is a debt elimination process that focuses all your resources on eliminating one debt at a time. As each debt is eliminated you use the money you had been paying on that debt towards the next one. You continue this debt elimination until all your debt is paid off. This debt elimination plan works well for someone who is able to make regular monthly payments and then some. Also, the key to making this strategy work is to carefully initially plan which accounts to become your primary focus. Just remember to be careful! In conclusion, this is a strategy your lenders hope that you never discover. Keep in mind that if you can make your monthly payments now, this debt elimination process is something you could probably utilize. This means you can probably be debt free in as little as 3 years with no adverse affect on your credit rating. In fact, this will more than likely increase your score.

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