Imagine your financial future without debt. Proverbs 22:7 says, “The borrower is slave to the lender.” You can’t experience true financial freedom if you’re in debt to others. Now that you have a plan, you’re giving to God first, and you’re saving for emergencies, it’s time to eliminate debt! Dave Ramsey’s “debt snowball” technique can get you out of $20,000 of consumer debt in the next 3 – 5 years.
– Begin by listing all your monthly debt payments in order from smallest to largest.
– Find a way to accelerate your debt payoff with extra money. This may mean cutting household expenses from your budget or taking on a 2nd job.
– Apply every dollar of extra money to pay off the smallest debt first, while paying the minimum payment only on all the other debts.
– Once the smallest debt is paid in full, take the extra money and the minimum payment you were paying on the smallest debt and apply it to the next debt.
– Continue this process until you are completely free of consumer debt.
You can do this! For more help and information, visit DaveRamsey.com.