How to Snowball Away Credit Card Debt

I know alot of my posts deal mostly with how to make money off of credit card utilization. But what about those, who are more interested in reducing their debt from credit cards. This is becoming a growing problem in this modern era of credit card debt accumulation. I stumbled across blog post from ncnblog about snowballing your credit card minimum payments to reduce and then eliminate your debt.

Essentially with this strategy a person would be making all of the minimum monthly payments toward all of their credit cards with an extra payment going to one credit card of choice. This finance writer endorses sending that extra payment toward the credit card with the lowest balance.










This allows you to then pay that balance off and combine that minimum monthly payment + the extra payment + the minimum payment of the next lowest credit card. Thus the snowballing begins. This is when snowballing becomes powerful because it can begin to double and then even triple the amount of debt being paid down monthly. Here is the chart that Ncnblog uses to illustrate the snowball effect. Apparently this method has worked well for him.