What is your personal debt reduction method aside the debt snowball method?

[$crypto$]

Indeed, sometimes people begin to realize the importance of avoiding loans and the importance of always having a reserve fund ready when financial conditions are not improving. So it is also important for us to learn from the experiences of others. so that we are not trapped in situations experienced by other people who find it not easy to pay off a loan. So that no matter what happens, we must always have savings and reserve funds to avoid all kinds of unexpected costs. and it's better to start now to save more and start learning to generate more income plow so that we can more easily set aside money to save and invest. and for those who already have debt, then start planning to pay it off from what we are most able to pay off. maybe you can start small or from the one with the closest maturity. although it is not easy for some people. but believe me there is always a way out if we want to work harder.

It seems that people are starting to wake up and they are realizing how disadvantageous it is for them to have so many debts, the problem is that even if they make that realization they cannot escape those loans that easily, as in many cases we are talking about debts they wanted to pay decades from now.

So if you are one of the few that is debt-free then you need to take advantage of it, and this can be done by investing whatever spare money you have in assets that you know that will do well over the next years, and without a doubt bitcoin is one of the best assets someone can choose in order to do this.

Never think about making a loan from anywhere, and anyone. However, when you have continued to do so and are already entangled in the viciousness of debt, then start making a list and which ones must be paid off first. Never be afraid, I mean now that many people are afraid of being late paying debts and then they make other loans to cover their old debts, this is a mistake that should not be made. At such times, it is better to form our mentality if we are unable to pay beyond the specified due date.

Yes, some people might think they would be embarrassed because usually if they make a loan from a company they will constantly have field officers coming to their house and questioning the clarity of when our debt will be paid. But in my opinion, it's better to be ashamed, than to have to continue to feel life that is not calm all the time.

[Cling18]

Here in my country, we don't usually take a loan from a bank but borrowing from someone we know instead to avoid any interest. I believe the snowball method is the most effective one here rather than not paying at all in the certain date you promised to return all the money, or the worst case scenario that could happen is you won't pay the money you borrowed at all because you have no shame since it's either your friend or a relative, and that's how you make enemies.

Getting loans from family or relatives and friends sometimes makes us a little complacent and less burdened. But this can make us lack motivation to pay off loans. and yes it can create enemies and create rifts in our relationship with relatives. And actually if there are families who want to lend us money without interest then that's a fortune. because of the current situation, it is sometimes difficult for even family or friends to trust each other in lending money. But I personally also give loans to friends and family quite often, but luckily my family and friends always pay on time according to the agreement. And avoiding interest is what we have to do because with interest-bearing loans it will only make it more difficult for us to pay off because we have to pay off the principal loan along with the interest.

Lacking the motivation to pay our debt is a sign of being irresponsible. No matter how big or small our debt is, once someone lends us funds when we need it is already something that we should be grateful for. It means that they trust us that we could pay their money on our promised time so no matter what our situation is, we should always be motivated to pay them back because if we ruin their trust, we'll never have anyone to run to in the future in case we need their help again.
Lacking motivation and courage to pay our debt shouldn't be an excuse. We should be as well determined as we are when we're borrowing funds from lenders. After repaying them, as much as possible, we should try our best to avoid borrowing and try to manage our finances wisely so we'll never experience a financial shortage because if we'll keep on borrowing, the cycle of our struggles with just continue.

[carlfebz2]

Here in my country, we don't usually take a loan from a bank but borrowing from someone we know instead to avoid any interest. I believe the snowball method is the most effective one here rather than not paying at all in the certain date you promised to return all the money, or the worst case scenario that could happen is you won't pay the money you borrowed at all because you have no shame since it's either your friend or a relative, and that's how you make enemies.

Getting loans from family or relatives and friends sometimes makes us a little complacent and less burdened. But this can make us lack motivation to pay off loans. and yes it can create enemies and create rifts in our relationship with relatives. And actually if there are families who want to lend us money without interest then that's a fortune. because of the current situation, it is sometimes difficult for even family or friends to trust each other in lending money. But I personally also give loans to friends and family quite often, but luckily my family and friends always pay on time according to the agreement. And avoiding interest is what we have to do because with interest-bearing loans it will only make it more difficult for us to pay off because we have to pay off the principal loan along with the interest.

Lacking the motivation to pay our debt is a sign of being irresponsible. No matter how big or small our debt is, once someone lends us funds when we need it is already something that we should be grateful for. It means that they trust us that we could pay their money on our promised time so no matter what our situation is, we should always be motivated to pay them back because if we ruin their trust, we'll never have anyone to run to in the future in case we need their help again.
Lacking motivation and courage to pay our debt shouldn't be an excuse. We should be as well determined as we are when we're borrowing funds from lenders. After repaying them, as much as possible, we should try our best to avoid borrowing and try to manage our finances wisely so we'll never experience a financial shortage because if we'll keep on borrowing, the cycle of our struggles with just continue.

You shouldnt really make yourself having that kind of lacks of motivation or the seriousness on wiping your debt because if you do then you wouldnt really be bothered on paying up something.

You would really be finding that interest keeps on piling up and time comes that you would barely be able to pay it up until everything would be having interest. This is why its really that important
that you should really be responsible on repaying on what you do owe because if not then you are gradually putting up  yourself into a deep debt on which cause on wrecking up your
financial status which we should really be avoiding on the first place.

I do prefer on having that snowball effect on clearing up loans on which on which it would really be that ideal on starting up some on small loans until into the big ones.
On the time that you would be seeing that its been cleared up then you would really that get motivated.

[South Park]

Lacking the motivation to pay our debt is a sign of being irresponsible. No matter how big or small our debt is, once someone lends us funds when we need it is already something that we should be grateful for. It means that they trust us that we could pay their money on our promised time so no matter what our situation is, we should always be motivated to pay them back because if we ruin their trust, we'll never have anyone to run to in the future in case we need their help again.
Lacking motivation and courage to pay our debt shouldn't be an excuse. We should be as well determined as we are when we're borrowing funds from lenders. After repaying them, as much as possible, we should try our best to avoid borrowing and try to manage our finances wisely so we'll never experience a financial shortage because if we'll keep on borrowing, the cycle of our struggles with just continue.

One thing those people do not understand is that such an attitude closes them many doors, many years ago I had a friend like that, they asked for a small loan to their friends and family members and they never paid back, eventually people realized what was going on and they stopped lending him any money, and when he really needed it he could not get a single person to give him a loan despite the difficult situation he was in, if instead he had paid back his loans as he should then people would have been more than willing to lend him some money on his time of need.

[Bitstar_coin]

I try to minimize the weight of my expenditure so i don't fall into a pile of debt that will take an eternity to pay off. I usually get really distress whenever i incur a debt but the good thing is - i do have a day job which helps me in that aspect.
I have once collected a small loan from the bank to solve a pressing need and i was able to quickly pay back from the monthly deduction on my salary. I try to avoid debt as much as possible.  

[Ryu_Ar1]

The method is indeed quite good in this case because it is also like having a condition where we have to start from the smallest to the largest but indeed in other conditions this also requires high consistency if you really want to do it quickly and be free from debt on the other hand it seems that this is not too suitable for the term but of course this can also still be for others while paying off the term in each month.

I think this will be very beneficial if you have the intention and are strong and consistent in making payments. The problem is that sometimes things like this always have gaps in terms of finances etc. because sometimes good plans like this are always hampered in some conditions.
On the other hand, this method is indeed very good, it's just a matter of seeing awareness because most people who are in debt always take the extreme way by borrowing from others to pay debts and they are trapped in this and their debts are getting bigger and bigger.

[kawetsriyanto]

Getting loans from family or relatives and friends sometimes makes us a little complacent and less burdened. But this can make us lack motivation to pay off loans. and yes it can create enemies and create rifts in our relationship with relatives. And actually if there are families who want to lend us money without interest then that's a fortune. because of the current situation, it is sometimes difficult for even family or friends to trust each other in lending money. But I personally also give loans to friends and family quite often, but luckily my family and friends always pay on time according to the agreement. And avoiding interest is what we have to do because with interest-bearing loans it will only make it more difficult for us to pay off because we have to pay off the principal loan along with the interest.

I agree that giving the loan to our family members or friends makes them have low motivation to pay off on time. I've experienced it, one of my family members take a loan from me and never pay off the loan for years. It is true that the situation makes me lose my trust in him, and I become more careful to lend money to other family members or friends.

Sure, since it is for family members or friends, we shouldn't take an interest. Even if it is for other people, I try to lend them with no interest. I don't want to be like banks, the main purpose is to help other people. I always believe that helping people shouldn't expect interest since it is not the proper way to earn money from people with financial difficulties.

[Uruhara]

Getting loans from family or relatives and friends sometimes makes us a little complacent and less burdened. But this can make us lack motivation to pay off loans. and yes it can create enemies and create rifts in our relationship with relatives. And actually if there are families who want to lend us money without interest then that's a fortune. because of the current situation, it is sometimes difficult for even family or friends to trust each other in lending money. But I personally also give loans to friends and family quite often, but luckily my family and friends always pay on time according to the agreement. And avoiding interest is what we have to do because with interest-bearing loans it will only make it more difficult for us to pay off because we have to pay off the principal loan along with the interest.

I agree that giving the loan to our family members or friends makes them have low motivation to pay off on time. I've experienced it, one of my family members take a loan from me and never pay off the loan for years. It is true that the situation makes me lose my trust in him, and I become more careful to lend money to other family members or friends.

Sure, since it is for family members or friends, we shouldn't take an interest. Even if it is for other people, I try to lend them with no interest. I don't want to be like banks, the main purpose is to help other people. I always believe that helping people shouldn't expect interest since it is not the proper way to earn money from people with financial difficulties.

Right. But with all the lessons we get from the experience of giving loans. So it was from there that I became aware that I personally could not even borrow a loan. when I get a loan of a friend, I will prioritize it and try to repay it according to the promised time. so that my friends and I can continue to build trust and not destroy our relationship. so is the family.

Well, it's true that when we intend to help others, we really try to lighten the burden that he has without expecting profit. Because we will be very happy when someone helps us selflessly.

[Captain Corporate]

Considering we all have different amounts of income and different amounts of debt, its not going to be that easy to find that is valid for all of us at the same time. I know that it looks like its possible but its not. If you make 100k a year and have 220k debt, its going to be wildly different from the person who has 10k a year income with 22k debt. Those are very different things not just because the difference in amount, because someone with 1 million a year income with 2.2 million debt could still do exactly what the 100k income one did, but the 10k income one doesn't have excess amount to spare, the other ones does. So in the end its all different from each other without a doubt, can't be considered on the same light.

[Wong Gendheng]

The best thing to avoid debt is to accept whatever we produce and never see other people, most people want to be like other people while our ability or income is not like other people, with a lot of grateful and enjoying everything we have tried so we don't need to be in debt . And if we are in debt then the best way is to immediately pay off and do not repeat the mistakes again.

[Hamphser]

Getting loans from family or relatives and friends sometimes makes us a little complacent and less burdened. But this can make us lack motivation to pay off loans. and yes it can create enemies and create rifts in our relationship with relatives. And actually if there are families who want to lend us money without interest then that's a fortune. because of the current situation, it is sometimes difficult for even family or friends to trust each other in lending money. But I personally also give loans to friends and family quite often, but luckily my family and friends always pay on time according to the agreement. And avoiding interest is what we have to do because with interest-bearing loans it will only make it more difficult for us to pay off because we have to pay off the principal loan along with the interest.

I agree that giving the loan to our family members or friends makes them have low motivation to pay off on time. I've experienced it, one of my family members take a loan from me and never pay off the loan for years. It is true that the situation makes me lose my trust in him, and I become more careful to lend money to other family members or friends.

Sure, since it is for family members or friends, we shouldn't take an interest. Even if it is for other people, I try to lend them with no interest. I don't want to be like banks, the main purpose is to help other people. I always believe that helping people shouldn't expect interest since it is not the proper way to earn money from people with financial difficulties.

Right. But with all the lessons we get from the experience of giving loans. So it was from there that I became aware that I personally could not even borrow a loan. when I get a loan of a friend, I will prioritize it and try to repay it according to the promised time. so that my friends and I can continue to build trust and not destroy our relationship. so is the family.

Well, it's true that when we intend to help others, we really try to lighten the burden that he has without expecting profit. Because we will be very happy when someone helps us selflessly.

People does have different mindset when it comes to this on which it is really not that the same on which there are people who are really that irresponsible when it comes into their debts or loans on which

this could really destroy up family or relative relations on which it wouldn't really be that happen because money could break up everything.If you are that minding about such thing then you would really be avoiding on making up conflicts and this is why you would really be paying up those loans in due time because you dont like for those kind of situations you might be ending up. Some are mindful and responsible but there are some people who are really taking up some advantage just because you are a family or close friend or similar to that.

In solving out your debts then snowball method would really be the best, go for small ones and if you do see that you have gradually been  eliminating those loans you do have then
you would really be  that persevere on finishing it all the way.

[Uruhara]

Getting loans from family or relatives and friends sometimes makes us a little complacent and less burdened. But this can make us lack motivation to pay off loans. and yes it can create enemies and create rifts in our relationship with relatives. And actually if there are families who want to lend us money without interest then that's a fortune. because of the current situation, it is sometimes difficult for even family or friends to trust each other in lending money. But I personally also give loans to friends and family quite often, but luckily my family and friends always pay on time according to the agreement. And avoiding interest is what we have to do because with interest-bearing loans it will only make it more difficult for us to pay off because we have to pay off the principal loan along with the interest.

I agree that giving the loan to our family members or friends makes them have low motivation to pay off on time. I've experienced it, one of my family members take a loan from me and never pay off the loan for years. It is true that the situation makes me lose my trust in him, and I become more careful to lend money to other family members or friends.

Sure, since it is for family members or friends, we shouldn't take an interest. Even if it is for other people, I try to lend them with no interest. I don't want to be like banks, the main purpose is to help other people. I always believe that helping people shouldn't expect interest since it is not the proper way to earn money from people with financial difficulties.

Right. But with all the lessons we get from the experience of giving loans. So it was from there that I became aware that I personally could not even borrow a loan. when I get a loan of a friend, I will prioritize it and try to repay it according to the promised time. so that my friends and I can continue to build trust and not destroy our relationship. so is the family.

Well, it's true that when we intend to help others, we really try to lighten the burden that he has without expecting profit. Because we will be very happy when someone helps us selflessly.

People does have different mindset when it comes to this on which it is really not that the same on which there are people who are really that irresponsible when it comes into their debts or loans on which

this could really destroy up family or relative relations on which it wouldn't really be that happen because money could break up everything.If you are that minding about such thing then you would really be avoiding on making up conflicts and this is why you would really be paying up those loans in due time because you dont like for those kind of situations you might be ending up. Some are mindful and responsible but there are some people who are really taking up some advantage just because you are a family or close friend or similar to that.

In solving out your debts then snowball method would really be the best, go for small ones and if you do see that you have gradually been  eliminating those loans you do have then
you would really be  that persevere on finishing it all the way.

Of course, everyone has a different level of responsibility. and we must avoid people who have no sense of responsibility. because people like that will only make the relationship more complicated. And if you have to be forced to give a loan, I think you have to be with money that you are really ready to lose.

The snowball method seems to be the most effective. because gradually everything can be resolved. but of course this method can also be used only when we have enough income.

[serveria.com]

The debt snowball method is one of the most recommended strategies to get out of debt. How does it work?

You list your debts from smallest to largest and pay the minimum amount on everything except the smallest one. You prioritize paying off the smallest debt aggressively.

- consider selling off all the items you don't need.
- Consider working more jobs to increase your source income.
- Consider temporarily halting all investment, after which pour all your energy into paying off to the smallest debts.

By paying off the smallest debts first, the snowball effect kicks in and you move on to the next debt on the list until you pay off all of them. It is estimated that a person who follows this method religiously can become debt-free within 18 - 24 months.

However, the debt snowball method may not be effective if you have debts with specific payment dates that, if missed, could result in higher interest rates or a negative impact on your credit score. Nobody wants any of these.

Recently, I had some debts to pay and prioritized them based on urgency, regardless of their size. I had to pay them by or before the deadline. I didn't mind whether they were big debts or small debts. What mattered was meeting up with the deadline. This approach worked for me, although I'm not sure if it falls under the debt snowball method.

For those who have gotten out of debt more quickly, did you use the debt snowball method or another personal debt payment strategy that worked for you over the years?

* www.cashry.com/blog/the-debt-snowball-method-to-help-reduce-your-debt/

* www.citi.com/credit-cards/debt-management/debt-snowball

* www.bankrate.com/personal-finance/debt/debt-snowball/

* www.capitalone.com/learn-grow/money-management/debt-snowball-method/

* www.mamaandmoney.com/debt-snowball/

* www.guidetogreatertampabay.com/2022/06/28/traveling-th...-one-step-at-a-time/

* www.incomebuddies.com/debt-snowball/

* www.houseofdebt.org/debt-snowball-method/

* www.equifax.com/personal/education/debt-management...ent-vs-saving-money/

The best method is definitely to try to avoid debt at all or minimize it. Living beyond your means will bring you into trouble. In case you're already balls deep in debt, this method could potentially be a lifesaver. 

[glendall]

I just heard of the snowball strategy for accounts payable, but I don't know whether I've ever done it or not because I don't understand the meaning of the snowball method.
I was once in debt with a fairly large amount, but I prioritized paying large amounts first and then smaller ones, because if the due date for a large amount is in arrears, the calculation will go wrong for settlement. for payments in small amounts I minimize my expenses

[TelolettOm]

Considering we all have different amounts of income and different amounts of debt, its not going to be that easy to find that is valid for all of us at the same time. I know that it looks like its possible but its not. If you make 100k a year and have 220k debt, its going to be wildly different from the person who has 10k a year income with 22k debt. Those are very different things not just because the difference in amount, because someone with 1 million a year income with 2.2 million debt could still do exactly what the 100k income one did, but the 10k income one doesn't have excess amount to spare, the other ones does.

Since we have different jobs, our incomes are probably not the same. The capability of each person to take a loan should be different as well. But I think we must avoid to take a loan that we are difficult to repay the loans. If we earn $100k every year, we mustn't take a loan $220k, how we repay the money? Just take a loan for a very urgent need, don't take a loan excessively. We must think carefully how to repay the loan money before we take the loan. It is a careless way to borrow money without thinking much about the repay.

[South Park]

Considering we all have different amounts of income and different amounts of debt, its not going to be that easy to find that is valid for all of us at the same time. I know that it looks like its possible but its not. If you make 100k a year and have 220k debt, its going to be wildly different from the person who has 10k a year income with 22k debt. Those are very different things not just because the difference in amount, because someone with 1 million a year income with 2.2 million debt could still do exactly what the 100k income one did, but the 10k income one doesn't have excess amount to spare, the other ones does.

Since we have different jobs, our incomes are probably not the same. The capability of each person to take a loan should be different as well. But I think we must avoid to take a loan that we are difficult to repay the loans. If we earn $100k every year, we mustn't take a loan $220k, how we repay the money? Just take a loan for a very urgent need, don't take a loan excessively. We must think carefully how to repay the loan money before we take the loan. It is a careless way to borrow money without thinking much about the repay.

It also depends on the interest rate you need to pay for such loan, for example the interests you need to pay for a mortgage are very low and as such you can afford to take the loan and pay the house in 10 to 20 years, however the interests you need to pay when using a credit card are incredibly high and if you allow your debt to go out of hand then it could take you a great deal of time and money to pay your debts, which at the time you got such debt it was relatively small.

[stomachgrowls]

Considering we all have different amounts of income and different amounts of debt, its not going to be that easy to find that is valid for all of us at the same time. I know that it looks like its possible but its not. If you make 100k a year and have 220k debt, its going to be wildly different from the person who has 10k a year income with 22k debt. Those are very different things not just because the difference in amount, because someone with 1 million a year income with 2.2 million debt could still do exactly what the 100k income one did, but the 10k income one doesn't have excess amount to spare, the other ones does.

Since we have different jobs, our incomes are probably not the same. The capability of each person to take a loan should be different as well. But I think we must avoid to take a loan that we are difficult to repay the loans. If we earn $100k every year, we mustn't take a loan $220k, how we repay the money? Just take a loan for a very urgent need, don't take a loan excessively. We must think carefully how to repay the loan money before we take the loan. It is a careless way to borrow money without thinking much about the repay.

It also depends on the interest rate you need to pay for such loan, for example the interests you need to pay for a mortgage are very low and as such you can afford to take the loan and pay the house in 10 to 20 years, however the interests you need to pay when using a credit card are incredibly high and if you allow your debt to go out of hand then it could take you a great deal of time and money to pay your debts, which at the time you got such debt it was relatively small.

The main thing or factor on which you would really be needing to check would really be solely on your source of income because it isnt really that much of a problem if you are earning sufficient, but what if not?

Whether the interest rate would be small or big then you would really be struggling on repaying or clearing up those debts on a certain period of time or would really be just simply that keep on continuing on paying up
those monthly amount due which it would really be just that an interest needs to be paid up. How long you would be keeping on doing this? For sure it would really be taking some time if you wont really be finding
other solution to the problem and this is where these banks and lending firms would really making out or sucking money into people.

Just be responsible and be mindful about your obligations on which it might really be that struggling on paying up but as much as you could then trying out to clear those things should really be your main priority.