Firing up the debt snowball

ai_debt_13188I remember a time shortly after college when I first heard about “the debt snowball”. I was so excited! 

That was the first time I realized that finances (furthermore, all success) were actually something very simple, yet VERY misunderstood. Well, I shouldn’t say that…it’s very understood, but the problem is that it’s being taught by the media that debt is a good thing & you’re somehow better than others if you can get a grasp on your credit score. FICO is king!! 700+ means you’ve really done something with your life!

What a crock of s*^#!! (pardon my special characters).

Americans have bought it hook, line & sinker. Rewards points, 0% deals, priority clubs…all to take advantage of your emotional weakness & taking advantage of your trust.

So anyways, back to my story….

I used the debt snowball approach to eliminate a bunch of debt in the past, and for some reason let go of the concept for a few years. About a week ago, I started diving into Dave Ramsey’s “Complete Guide To Money” and started reminding myself of these basic financial principles.

I have no idea why I ever stopped my debt snowball before getting rid of my student loans, but now i’m jumping back on it. 

Recently I did some re-calculating on my debt and found that utilizing the debt snowball, I will eliminate my last $25K in debt by March of 2015 instead of the previously charted plan of November of 2020. This is not factoring in ANY sort of lifestyle changes, simply reorganizing my income and expenses in a more effective way.

I am SO pumped!!

5.5 years of debt payment eliminated by going back to the basics of financial management. I’m also excited to be able to have this blog as a way to help people with simple concepts that can help them get their lives on track, as well.

Please leave a comment or get in contact with me if you have questions about this and how the ideas can help you, as well. I’m planning to write up a more detailed report on how the debt snowball works, but until then reach out or check out Dave Ramsey’s book, “Complete Guide To Money”. He certainly knows more than me!

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  • In the Snowball right now. We should be debt free (except the mortgage) in 4 years (over 110K), that’s with paying no more to debts than we do now. This concept of being in debt is ridiculous. We vote and make many decisions based on “our credit” and what kind of interest rate will get on this date. America needs to focus on limiting spending and live at their means. Get rid of debt and you get your freedom. Proverbs 22:7 says it best.

    • joeakalis

      “The rich rule over the poor, and the borrower is slave to the lender.”

      Absolutely true! So excited to see someone taking overship of their life and charting a course! 4 years of commitment = many many years of stress-free living!