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30 Days to a better man
The benefit of the debt snowball plan is psychological. By having success
paying off small debts first, you’ll receive instant positive feedback that
can encourage you to continue paying down your debt. The drawback to
the snowball method is that you’ll end up paying more in interest than
you would if you went after the debt with the highest interest rate first.
However, if the idea of paying off a $10,000 credit card bill seems too
daunting, go after the low hanging fruit by paying off the $2,000 bill first.
It will hopefully get you started down the path of reducing your debt.
Today’s Task:
Start Paying Down Your Debt
We’re not going to pay off our debt overnight, but we can at least get started.
Today’s task is to sit down and establish a debt reduction plan.
Debt Repayment Plan
Either list your debts from highest interest rate to lowest rate or least debt
amount to highest depending on which debt repayment plan you want
to do.
Creditor / Amount / Interest Rate
___________________ / _________________ / _________________
___________________ / _________________ / _________________
___________________ / _________________ / _________________
___________________ / _________________ / _________________
___________________ / _________________ / _________________
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