Get Your Debt With Blizzard’s Payment Method
You’ve probably heard of the debt snowball system and the debt avalanche system, also known as summation, but the blizzard method combines the best of both.
The debt snowball method involves paying off small balances first so that you feel good and are motivated to take on big things. The Avalanche of Debt or Debt Accumulation Method allows you to pay off debt at the highest interest rates first, saving yourself the added cost of interest in the long run. In Beverly Harzog’s new book, A Plan for Getting Out of Debt, Harzog proposes to combine their best of both worlds.
The Debt Blizzard Method assumes that you first pay off your smallest debt to increase motivation, and then go into debt with the highest interest rates. When you need a win to stay motivated, you pay back the lowest debt again. This is a great method for people who are too lighthearted with their money and find their debt insurmountable. It keeps you motivated if you do it wisely.
Debt Relief Plan: How to Get Rid of Credit Card Balances, Improve Your Credit Score, and Live Debt Free | Amazon via Business Insider