The debt snowball is a powerful way to pay off your debts fast! It’s motivating to pay off your smallest debt and then roll that payment into paying off your next smallest debt. As debt after debt gets paid off, the debt snowball gets larger and picks up more speed to pay off your big debts.
Over the last 30 months, we’ve been able to pay off over $40,000 of debts, including medical debts, credit cards, a car loan, and a student loan! We only have about $12,000 left until we are finally debt free! (applause)
But we’ve stopped our debt snowball. We’re no longer paying off our debts fast. And we stopped on purpose.
Why? Is it because we love our debt and want to keep it around and keep feeding it?
No. We stopped our debt snowball for two reasons: