subject: Debt Snow Ball - Discover Multiple Ways To Eliminate Bills [print this page] Using the debt snow ball method is a good way to reduce your bills. You can enlist the assistance of a debt settlement company, or you can apply the techniques in this article to start eliminating bills. It's a very simple process but you need patience and discipline. By doing it yourself, you have more control of were your money is going.
The the debt snow ball process is easy, However, you must put together a plan on how to find extra money to put toward your bills. You could work a second job, sell items on EBay, sell old books on Amazon, reduce your entertainment budget or use a hobby to make money. Once you start earning extra money, apply it to the smallest account first while still making monthly payments on the other bills. This tactic could be time - consuming, but with time you will see your bills reducing.
Now that the first bill is eliminated, take the money that you were paying to get rid of the first debt and apply it to the second bill. Now repeat this process for each account starting from the smallest to the largest. By the time you reach the largest bill, you will have enough money to eliminate it.
This debt snow ball method appears to be fairly easy when reading this article, but in order for it to be effective, you must have a good plan to carry it out. For starters, you must really understand where you stand with your finances. After you review your situation, write down every bill you have attached to your name. At present, just include credit cards and small loans. You should deal with the bigger accounts like the car loan and the mortgage once the smaller ones are gone. Once you put together your list, write down all your monthly expenses.
Make sure you have included all expense in this list. To help you out, look back at your bank statement and your check book register to help you remember. If you want the debt snowball to work, you must be accurate and complete when it comes to your bills.
Once you are finished with your expenses, list your combined income for each month. Then subtract your expenses from your income to see where you stand. If you have money left over, that means you spend less than what your make. Now take the extra money that is left over and apply it to your debt snow ball.
However, if after subtracting your expenses from your income, and you do not have money left over, you have to find away to bring in more cash to help with the debt snow ball. The debt snow ball method will help you get out of debt but it takes time. I think that this is the best way to eliminate bills because it's free and simple.
by: Mark Clayborne
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