Home > Tag Archives: debt snowball

Tag Archives: debt snowball

Is There a Better Tool to Get Out of Debt Than the Debt Snowball? – Ginger


“Dear Steve, I am 58, my husband 61. We presently have about $20000.00 in credit card debt. We are never late and have excellent credit so using a credit counseling agency is not a option. We are no longer using our credit card and are paying cash. That has been hard but we know what we needed to do. We ... Read More »

Debt Snowball is Reducing Our Debt But What Next? – Doris


“Dear Steve, We owe 172,000.00 on our house and live in CA. We are in our late 4o’s with a net worth of 200,000.00 not including my pension. We both have another 20 or so years to retire. My husband is self employed as a painter therefore we have to put away extra retirement for him. We have life insurance, ... Read More »

Where Do I Put My Judgment in Line For My Debt Snowball? – Bret

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In 2006 ,I went to work for a guy that wound up being a con artistTo make a long story short at the beginning of 2007,Ilooked up and found myself with $230 K in debt and no income.everything in 2007 went wrong and it wasnt until 2008 that I began reestablishing an income. I have since paid off all installment ... Read More »

Can We Afford the Debt Snowball to Get Out of Debt? – Julie

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“Dear Steve, We started our own business about 6 years ago. We had just finished building a new house and the business was one that takes a few years to build up. Not enough income coming in, lots of new expenses for the business led us to the perfect storm of debt. Now our business is starting to really thrive, ... Read More »

Teresa Writes In “I Have Too Many Credit Cards”

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Teresa “Dear Steve, I have too many credit cards. Where do I start to get rid of them? Teresa”   Dear Teresa, Credit cards don’t magically appear in our wallets or purses. They appear because we have done something or participated in some process to agree to these credit instruments. The first step to get rid of your credit cards ... Read More »

We Tried the Dave Ramsey Snowball Approach But it Got Us Nowhere. – Janet

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“Dear Steve, My husband and I thankfully are still employed. We make about 175K combined per year. We have 52K in credit card debt, and our home has no equity (took out equity to pay off debt about 5 years back…big mistake.) I used to get large bonuses (and we would pay down debt) however the comp plan has changed. ... Read More »

I Have a Number of Small Accounts I Want to Pay Off in Collections. – Orlando

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“Dear Steve, I have about 12 accounts that are collections they are all small amounts 100 to 700 dollars. On my current income I can pay out 250.00 a month how can I go about paying to #1 pay the least amount total. #2 has the maximum positive effect on my very poor credit? I bought a car at 24.99percent ... Read More »

I Went Bankrupt in 2005, I am a Disabled Vet, and My Student Loans are Coming Due. – Ben

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Ben “Dear Steve, I am about to turn 30 years old and my financial picture is basically in the dumps. I have a B.S. in accounting and for the moment a good job that pays me less than 95% of the rest of the world makes (less than $30k/yr and not a single benefit). I am a disabled Vet and ... Read More »

How Can I Get Rid of My Delinquent Balances? – Ana

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“Dear Steve, About a 1 1/2 years ago I had been laid off of work and I spent much time without work and had no income coming for a good 6 months so most of my accounts went from delinquent to being discharged and I had many collection agencies calling me I started paying off accounts but it is still ... Read More »

Converting 8.9% Variable Credit Card to 3.4% Variable Equity is Bad Deal. George

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“Dear Steve, I have $22K in credit card debt(on one card) with an 8.99% variable rate. Minimum payment is about $450/month. I have recently began to pay more than the minimum(last month i paid $1000) since I would love to pay this off or at least bring it down so my minimum payment isnt so high. I recently received a ... Read More »

Carol Wrote Me And Asked “Would You Advise Debt Consolidation?”

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Carol “Dear Steve We are in debt up to our eyes. We are not behind in anything. We didn’t want to get to that point. We were denied financing our house for a longer period of time–our debt to credit ratio wasn’t good enough. However, we didn’t want to borrow any extra money. Would you advise a debt consolidation? Carol” ... Read More »

I’m Doing the Dave Ramsey Debt Snowball And Need to Find Extra Cash. – Greg

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Greg “Dear Steve, I am doing the Dave Ramsey debt snowball. I have canceled my 401K contributions, my 529 contributions, and altered my W4 exemptions. What else can I do to save on expenses so I have more money to put toward my debt? Greg”   Dear Greg, The debt snowball approach is a good way to reduce debt. What ... Read More »

We Have a Lot of Debt, But Not a Lot of Savings. – Ann

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“Dear Steve, Currently we have a lot of debt. We are making this the year to pay a lot of this down. We don’t have much of a savings. Our current debt is this: a first mortgage = 170K, second mortgage that = 35K, first credit card = 17K, second credit card = 5K, and a truck that equals 25K. ... Read More »

Judy Is Worried “Should I Save or Pay Off Credit Card?”

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Judy “Dear Steve, Should I save the amount after paying off a credit card debt or pay down another. Help please. Judy”   Dear Judy, You asked a great question and one that seems easy but has different valid and possible answers. If you are digging yourself out of a debt hole the initial knee jerk reaction is to devote ... Read More »

Donna Writes and Asks “What Is The Best Way To Become Debt Free The Fastest?”

“Dear Steve, We owe about $70,000 on our mortgage (we pay $100 extra each month), we have a $110,000 equity line and about $20,000 in credit card debt. We pay extra on each but don’t seem to be getting anywhere very fast. We want to be debt free. What is the best way to become debt free the fastest. Donna” ... Read More »

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