The Debt Snowball Method

You might also decide to really get the debt snowball rolling if you begin the whole process by paying as little as an extra $10 a month against Credit Card A right from the start. By using this debt snowball, your unpaid credit card debt will disappear in no time, just like the guy who gets hit by the avalanche at the bottom of the mountain.

This just goes to show that removing your credit card debt from your life isn't as hard as it sounds. You just need the will to get it done. Why would you go through the mechanics of having to apply and wait for approval of a credit consolidation loan when you can put a debt snowball together on your own?

Debt consolidation loans are symptoms of what is wrong with the entire debt structured system in which we live. Lenders who are charging you an arm and a leg for their credit convince you to stay on the credit merry-go-round under the ruse of helping you with your debt. All the while, the only thing the debt consolidation loan is doing is indebting you longer for a higher total cost.

Sure, the debt consolidation loan lessens your monthly payments, but it does that by extending the term of your debt. The money you pay in interest is extended out over that same period, resulting in an increase of cost, over the long-term, to you.

The debt consolidation loan gets you out of unpaid credit card debt only by shifting you to unpaid loan debt. The debt snowball, however, helps you get rid of your unpaid credit card debt quickly and permanently allowing you to live debt free. Wow, what a difference!

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David Kimball is a personal financial coach, author, and speaker providing simple solutions for navigating your way to financial freedom.