Family Debt: How to get your family out of debt using debt snowball method
- Is your family mired in debt?
- Are you living paycheque to paycheque?
- Is money issues creating relationship problems for you are your spouse?
Today I am going to reveal a secret that is guarantied to get you out of debt. This process will help you get started immediately and keep you motivated and inspired until you are fully out of debt. Hundreds of families and individuals have used it to successfully release the debt noose from around their necks.
This particular process have helped many couples to bond more and even have a happier relationship.
You can have this too by getting out of worrisome debt.
What is it and how does it work?
It is called the Debt Snowball. Dave Ramsey explains it brilliantly in this video and also in his book the
Here is what you do.
- List all the debts you have. Every single one
- Then arrange them in order of the largest the smallest. The most amount of money that you on a debt should the listed first, then the second highest amount, then the third until the you reach the least which should be at the bottom of the list
- Pay the minimum of what you owe on all of the debts except the smallest amount. This debt you put all your energy, spare cash and effort in paying.
- Once you have liquidated or paid off that debt, start on the next debt on the list the second least which would now be the least as you have paid off what was the least.
Some people will tell you that you should try and pay off the debt with the most interest first. They feel that it will help you to avoid paying out too much money in interest. While this is great thinking, if this is a large amount you can become easily discouraged and give up .
With the debt-snowball method you get the satisfaction of paying off a debt completely. This will motivate and inspire to tackle the next one and the next until before you know it you have cleared most if not all your debts.
That will give you a wonderful feeling of relief and accomplishment. You will be free to save, pay your utilities and most importantly build a happy relationship without having to worry about money problems.
Here is a great article on the importance of money on a relationship