Debt Management Strategies: Snowball v. Slow and Steady

Different strokes for different folks.  The phrase applies to many situations, but it’s especially apt for debt management strategies.  Money is a sensitive issue for nearly everyone.  Whether you feel on top of the world with a good income and no debt, or whether you’re swamped with bills you can’t pay and are barely making enough to survive.  But, the point today is simple.  If you have debt, you want to get rid of it.  There are two distinct approaches you can take, which we’ll cover here.

Snowball

The snowball method is quite a popular one amongst all of the various debt management strategies.  Essentially, you take all of your debt, consolidate it into a single bill, and then you start hacking away at it, taking out the biggest bites you can month after month.  If you think that sounds intense, well, you’re right.  This is an especially popular method with people who are suffering under a lot of credit debt.

The snowball method is a great way to get rid of a lot of debt.  Of course, it takes serious dedication in order to be successful.  But, you can do it!  Cut back on expenses, and hone in on what hurts the most: credit debt.

Slow & Steady

Or, you might find that a slow and steady approach works best for you.  This strategy isn’t a way of saying “be lazy” or “procrastinate.”  Rather, you have a lot of essential expenses, and this method allows you to work at your debt without making drastic, 180 degree turns in your habits.

Debt management strategies can be all over the map.  These are just two methods that work for a lot of people.  How you choose to eliminate credit debt, is up to YOU!