Once those are paid, the snowball method suggests you focus your efforts on clearing your less intimidating debts first.
This method is not the most cost effective, because interest on bigger debts accumulates, but it does keep you motivated. Try setting yourself a time frame to pay down some of your highest-interest debts, and once they are cleared, approach the rest of your debts with the snowball method. “In my experience as a money coach, uncovering the emotions behind your finances is crucial in order for any practical steps to stick.”Many people are afraid to talk about their debt, but “remember that you are not alone in this,” says Dennis Hussey, money adviser at National Debtline.. The earlier you seek free advice, the quicker and easier your problem will be to solve.”