![]() Start with the minimum payments you were making anyways, and add the money that was previously going towards setting up your savings account to create your debt snowball. Be sure to pay the minimum payments on all other debts, but any extra money you have at the end of the month goes towards the first one. Either way, once you’ve paid down the first loan or line of credit, you’ll move onto the next and continue to work your way through all remaining debt until you’re completely debt-free.įor now, paying off this debt will be your top priority. You can also choose to start with the debt that carries the highest interest rate. Financial expert Dave Ramsey suggests starting from the smallest debt and working your way up. You’re now ready to start getting rid of that debt…for good!Ĭhoose the debt you’d like to pay down first. You’ve organized your debt, you’ve set up an emergency fund and you’re working on spending less.
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