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Debt Snowball

Want a plan that’s guaranteed to reduce your financial stress?

The interest you pay on borrowed money may be the biggest expense in your budget and the biggest source of your financial stress, but it doesn’t have to be this way. To escape the constant pressure of financial stress, get out of debt using the “Debt Snowball” method. Here’s how it works. First, make a list of all the consumer debts you owe. Include student loans, credit cards, auto loans, store accounts, and any personal loans from family or friends; everything except your mortgage. List them from smallest to largest. Focus on your smallest debt first, and when it’s paid off, apply the freed-up payments to the next larger debt, and so on until all your debts are paid. This method can save you a ton of money in interest charges, and get you debt free in a very short period of time – especially as you add more and more payments toward the accelerated debt payoff plan.

The biggest benefit of the “Debt Snowball” method is that you stay motivated. By starting with the smallest debt, the hope is that you’ll be able to pay it off quickly and find encouragement. It also forces you to stay organized, to stick to a budget, and to save time and money. If you carry balances on several credit cards, have a car loan or student debt, this could be a method that really helps you. So, don’t stress out. Ask God to give you the focus and self-control you need. Consistent small steps will lead you to a debt-free destination. We’re here to help with free tools and resources. 

And if Christmas left you overloaded with credit card debt, I recommend Christian Credit Counselors. They’ll create a debt management plan that will work for you. For more information call the Crown Helpline: 800-722-1976 or visit online at