Everyone wants to come up with a good plan that will take on their debt and make sure that they are not stuck with it forever. This is a lot of money that is going to someone else, and you could put it towards some other plans, like having an emergency fund, paying your rent, or even finding a nicer and bigger apartment. But how are you supposed to come up with a good plan that lets you tackle your debt and get ahead?

Once you have a better idea of how much you are able to afford to spend beyond the minimum amount due on your credit cards, you will need to sit down and come up with a good strategy to pay that debt off. There isn’t a one size fits all idea here, so you need to look at your situation and come up with a plan that will work well for you. One option that can work well is the snowball method.

The snowball method of debt repayment is going to be called this because you will start with the smallest debt that you owe, regardless of the interest rate on it, and then pay that one off first. Then you roll that money into the next smallest debt, and so on until all of the debt is gone. Let’s say that you have three credit cards with balances of $1000, $5000, and $10,000. You would pay the minimum on all of the debts, but anything extra you had in the budget would go towards paying the $1000 credit card off.

Once that one is done, you will take the minimum payment and the extra payment and put it towards the second smallest debt, the $5000 in this case. And so on. This will give you some quick wins right at the beginning, which can be good for motivation. And as you pay off debts, the payments you make to subsequent debts will go higher, which is going to assist you in reaching your repayment goals faster than ever before.

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