The only debt relief program that brings true relief: The debt snowball, also known as, The Big Mo! A consolidation loan isn’t “relief”; all you’ve done is move your debts into a single, larger pile.
"Lack of money is no obstacle.
Lack of an idea is an obstacle.”
- Ken Hakuta |
A debt management program might be helpful, and you might get some leniency from your creditors when it comes to late fees and other penalties. But still, the debt remains. A true debt relief program will be one that genuinely relieves you of your debt. The real relief - the feeling that a weight has been permanently lifted; the happiness of knowing that your obligations are finished - won’t come until you’ve actually paid off what you owe. There’s no quick, easy way of doing that, short of winning the lottery or being the heir to a rich, dying relative. However, there is a debt relief program that will get you out of debt permanently if you exercise some patience and self-discipline. Many call it the “debt snowball.” We like to refer to it as “The Big Mo” meaning, MOmentum and MOre MOney. Here’s how it works. List all your debts from smallest to largest. Continue making your payments every month, but pay only the minimum on all except for the smallest balance. On that smallest balance, pay everything you possibly can each month. Really attack it with a vengeance! Since it’s the smallest debt, it’s the one you’ll be able to eliminate the fastest, thus giving you a little taste of victory and satisfaction. Those small victories are one of the major benefits of this debt relief program. Once the smallest debt is paid off, move on to the next smallest debt. Take whatever your minimum monthly payment had been on the last one and apply it toward this new one, in addition to whatever else you can afford to throw at it. Continue just making the minimum payments on all the others. Can you see how your program can snowball; how you can quickly gain that much needed MOmentum? As each debt is eliminated, more and more money each month is freed up. You’ll be tempted to spend that money elsewhere, but you mustn’t! Keep applying the extra toward your other debts. Take the money that would have gone to Credit Card X and, since Credit Card X is all paid off now, apply it to Credit Card Y instead. You can maximize the effectiveness of this debt relief program by looking for ways to expand your income. Cut out other expenses where possible, take extra hours at work if that’s feasible, or find a simple, home-based business you can do in your spare time for a few extra dollars. By truly focusing on your debt, you can pay it off and be free forever from those heavy burdens. Begin winning again!
"Do not accustom yourself to consider debt only as an inconvenience;
you will find it a calamity."
- Samuel Johnson |
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Debt is NOT your friend. It's not a wonderful "tool" for building wealth. That's a myth.
