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Trouble Getting Started on Paying Off Debt? Try the Snowball Plan

The Snowball Plan isn’t your typical paying-off-debt plan; it’s designed to jumpstart those who have found themselves in a lot of debt and feel hopelessly overwhelmed. If that’s you, have hope - you will pay off your debt, soon.


What is the Snowball Plan?

The Snowball Plan (a financial method recently made popular by personal finance expert Dave Ramsey) revolves around the idea of paying off your debts starting with the smallest debts first, eventually paying off bigger and bigger debts.

How does the plan work?

The Snowball Plan is meant to give you momentum and motivation. Let’s say you have a lot of debt on a lot of cards and loans - $400, $750, $1250, and $2000 on different cards. Even if the cards with the highest debts have the highest interest rates, you’re still going to pay off the smallest debts first. The achievement of paying off a credit card is invigorating, and it’ll carry you into paying off the next card, and the next, and the next.

That seems silly - why wouldn’t I pay off the debt with the highest interest rate first?

Financially, the Snowball Plan doesn’t make a lot of sense - logically, you want to cut your costs as much as possible by getting rid of the highest interest rates first. However, the Snowball Plan isn’t designed around finances - it’s designed around behavior. For those with crippling debt looming over their heads for months and years, your finances don’t need to be changed - you do. The Snowball Plan does just that.

Does the Snowball Plan Actually Work?

Yes! Hundreds and perhaps thousands of people who have began their journey with the snowball plan have found unparalleled success and triumph over hundreds of thousands of dollars of debts. You can too! For some people, it’s not about changing money tactics - it’s about changing yourself.

How can I start the Snowball Plan?

First, you need to identify every single debt you have. Many people simply choose to ignore these massive numbers, attempting to avoid being overwhelmed. These people are like an ostrich that buries its head in the ground to avoid danger - it’s silly! You need to know your money situation and stop letting your money own you and your peace of mind.

Next, you need to put everything you can into paying off the smallest debt as soon as possible. Dave Ramsey calls this “gazelle intensity,” referring to the energy and motivation gazelles have when a predator like a lion or a cheetah is charging at them to kill them.

The Snowball Plan might take a little while to start, but imagine rolling a snowball - it’s tiny, and can’t do much. But keep rolling it, and it gets bigger and bigger. After a few blocks, you probably can’t even lift it without help. That’s your motivation - it’ll only get bigger.

If you’ve been weighed down by massive debt and haven’t had the energy to courage to take it on, the Snowball Plan could be perfect for you. Get started today. and take control of your finances!

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Alice Bryant's picture

Alice Bryant is the Editor of Creditnet and a personal finance expert with over a decade of experience writing about credit cards, credit scores, debt repair, and more.

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