Debt busting update!
Comments (3) With all the Halloween fun it’s been awhile since I have spoken about our debt busting plans and progress. Things are getting better, even with the small set backs of the PC burning up and needing to be replaced, we are still on track to getting our debt paid off fast.
We are using the “snowball” method. It’s really a good way to get things paid off fast. The only thing that we do a little different than most who use this method is that we move our balances around to low rates, where many just keep their rates right where they are. The snowball method is pretty simple; take your debts and divide each balance by the minimum payment to get a total of months it will take to pay it back. You then list your debts in decending order with the smallest amount of months in spot one, down to the debt that will take the longest. Then, you keep making the payments you are making now, never changing them (this is the key, do not pay a lower payment, keep it the same as now). Any extra money goes right to the first debt, then as you pay things off you “snowball” what you were paying onto the next debt.
Like I said, we make sure to move our balances to low rates so we don’t spend more in intrest than we absolutely have to! This also speeds things up. All in all, we should be completely out of debt (not including mortgage) in four years using this method. If we had only continued to make the min payments while also not adding new debt, it would take us 27 years to pay our debt back.
Other things we are doing is trying to bring in more money for paying things back faster. You will notice affiliate sites on my sidebar, and Google ads too. All the money from these goes right to our debt busting goal.
And, although it may be considered tacky, we are asking for money (or gift cards) for Christmas. We truly don’t need more “stuff”, what we need is freedom! 
Are you also trying to bust your debt? What are you doing? What is working well for you?
