Digging Out of Debt

This is the plan.

We are going to do a debt snowball .  Starting with the card with the lowest balance, we are going to put all of our extra money towards it while paying the minimum amount on all the others. This is not usually the recommended way to do a debt snowball, though, but Dave Ramsey does recommend doing it this way. Typically, you are supposed to start with the card with the highest interest rate because, in essence, all that interest is wasted money. And I completely agree with that.

However, knowing my goal-oriented nature and the fact that if I don’t see results I just won’t be that into it, we are going to start with the smallest balance so we can see “progress” faster.  I will post the specific amounts associated with each card, all the monies paid towards it, etc. Basically, you will know about our debt down to the last penny.  You’ll read every success and every pitfall we have and hopefully, together, we will all learn a little something.

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