When she says " do what works for you BUT, if you're really serious about clearing your debt.." Isn't that saying people aren't trying hard enough to get out of debt or don't care because they aren't doing it her way?
If debt were a math problem, you wouldn't be in debt. Snowball on average only costs a few hundred dollars more when conpared to similar debts, but it has a high success rate because it tackles the real problem: behavior.
Anyone promoting the snowball method… just break out a loan calculator (or even better, build a spreadsheet) and compare the total overall amount you pay on Snowball vs Avalanche methods. I 100% guarantee seeing the avalanche method in action will make you feel way more optimistic and emotionally positive than just relying on a brief short-term dopamine hit from the first one or two snowball debts paid off.
of course debt avalanche method is most efficient, but its a matter of motivation. More people find that getting rid of smallest debts first, helps them stay motivated and stay the course. its common sense, no need for explanation videos
With my credit card, it was a high interest rate. I start making payments and pay. The interest rate down is almost paid off. And then I'm gonna start with the lowest. It works better for me. I do see a progress, and then I'm done with credit cards. I will be cutting them up??????????????
I'd been hearing about the snowball method. When I decided to tackle my bad debt I call all my credit card companies to find out the interest rate. To me it made sense to tackle my highest interest credit card. It wasn't until recently that I heard there was a name for my process…the avalanche. I understand how the snowball method is good for some but for me it was all about the numbers.
While its doesnt work as mathematically well… doing the snowball uses psychology… once you pay off that first debt… it gives you a sense of winning and this motivates you more… avalanche had a lower percentage of people actually completing it
I started with the quick win of my smallest debt then moved on to the highest interest debt next. Just do whatever will keep you engaged in the process
The smaller dents are sometimes collections which some collectors may delete it from your credit report once paid which can benefit you better up front
Niether are the best…you have to see whats best for you.For some the snowball is best and for others the avalanche would be best.
Agreed ????????
When she says " do what works for you BUT, if you're really serious about clearing your debt.." Isn't that saying people aren't trying hard enough to get out of debt or don't care because they aren't doing it her way?
So you’re going to pay off your 100k at 5% before you pay off your 5k at 4%? Use common sense and do math
If debt were a math problem, you wouldn't be in debt. Snowball on average only costs a few hundred dollars more when conpared to similar debts, but it has a high success rate because it tackles the real problem: behavior.
If people cared about the bottom line they wouldnt be in debt to begin with. Debt is 90 percent behavior and 10 percent math.
look now u not gonna be up here bashing dave lol
That interests is the killer.
"leT mE eXplaIN" the she say the obvious that is the first thing that Dave say about the snowball method
Anyone promoting the snowball method… just break out a loan calculator (or even better, build a spreadsheet) and compare the total overall amount you pay on Snowball vs Avalanche methods. I 100% guarantee seeing the avalanche method in action will make you feel way more optimistic and emotionally positive than just relying on a brief short-term dopamine hit from the first one or two snowball debts paid off.
looking forward to the richbff x ramsey crossover ?????????
My snowball was an avalanche.
Only time avalanche works better is if large difference in APR. If you have multiple cards with similar interest, snowball better.
of course debt avalanche method is most efficient, but its a matter of motivation. More people find that getting rid of smallest debts first, helps them stay motivated and stay the course. its common sense, no need for explanation videos
Dave actually says pay off the smallest to the largest debt first like you do with a snow ball that keeps rolling into the snowman ?? not payments.
Oh, my credit card?I start paying off the highest interest rate that makes more sense to me.And then I'll start with the lowers???????????????
With my credit card, it was a high interest rate. I start making payments and pay. The interest rate down is almost paid off. And then I'm gonna start with the lowest. It works better for me. I do see a progress, and then I'm done with credit cards. I will be cutting them up??????????????
Annual interest, or monthly interest?
I'd been hearing about the snowball method. When I decided to tackle my bad debt I call all my credit card companies to find out the interest rate. To me it made sense to tackle my highest interest credit card. It wasn't until recently that I heard there was a name for my process…the avalanche. I understand how the snowball method is good for some but for me it was all about the numbers.
While its doesnt work as mathematically well… doing the snowball uses psychology… once you pay off that first debt… it gives you a sense of winning and this motivates you more… avalanche had a lower percentage of people actually completing it
You suck too never return messages
I’m doing a mix of both lol????
I started with the quick win of my smallest debt then moved on to the highest interest debt next. Just do whatever will keep you engaged in the process
Not true.. mortgage is higher than a credit card since its a larger sum
The smaller dents are sometimes collections which some collectors may delete it from your credit report once paid which can benefit you better up front