With this blog, I often discuss the things I believe everyone should be aware of to be able to better manage their finances. I mostly focus on the tools and techniques which can allow you to make more and better informed decisions. This guide is of a similar nature where I'll discuss one of the easiest, yet most effective and popular loan repayment methods: the debt snowball.
Read Why The Debt Snowball Method working?
The logic behind this technique is the same as the most effective snowball building technique -- you construct a little snowball and roll it around in the snow. As it gains momentum, it increases the snowball gathers mass. In this technique, the very same principles are applied to cash. You begin with a tiny additional sum to pay your debt off. Since the debt decreases, the small amount begins getting larger that, in turn, helps you repay the remaining part of the debt quicker.
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