Snowball Method

We’re in Debt evaluated the Snowball Method to determined how they were going to pay off their credit card bills and decided a mixture of the two methods was the best way to go.

I started by paying minimum payments on all my cards, except the one with the highest interest rate, which I threw as much money as I could spare at. Once that card was paid off, I “snowballed” that payment into the card with the next highest interest rate, and so on.

I currently have two credit cards left, both at 0% for the next six months. I have enough money to pay off both cards, but have decided to make the minimum payment and keep the payoff amount in my ING account to gain 4.5% interest until the 0% expires and the balances is due in full (in my mind).

If you’re interested in an ING account, send me an email at corrinrenee@gmail.com and I will send you a referral. You get $25 and I get $10. Can’t beat free money!