Remember my post “The Good, the bad and the ugly…debt” ?
I mentionned at the end of it that I’ll write a follow-up article about how to attack your debt.
My plan was to discuss a debt repayment method called Debt Snowball, made famous by Dave Ramsey.
Well, instead of reinventing the wheel, I will refer you to this amazing summary of it:
It was written by a personal finance blogger, Adam, who took the time to summarize each chapter of Dave Ramsey’s book called “The Total Money Makeover” . Debt Snowball is the 2nd step in the program.
I urge you to read it carefully, but most importantly to apply it. Only reading it will not pay off your debt. Consistent ACTION will pay off your debt.
I also found a very useful iPhone app that lets you manage your debt repayment. It’s called ” Debt Payoff Assistant” (Free version) or ” Debt Payoff Pro” ($0.99) by SVT Software Finance. This app can be used as a tool to be aware of where you’re at and to stay on top of your progress. I urge you to use it, as it makes the debt monitoring much easier.
So get out there and start to snowball your debt !