We began our marriage over 16 years ago with over $10k in credit card debt. Around that same time, I heard of a book called The Cheapskate Monthly Money Makeover by Mary Hunt.
This began my quest to pay of our debt quickly using her snowball method. At least that is what I think she called it. Many of you already know the concept. You list your debts smallest balance to largest. You pay the maximum dollar amount to the first or smallest debt. You simply pay the minimum to the remaining debts. Once the first debt is paid off, the amount you had been sending in as a payment gets added to the next debt while continuing minimums on the rest. The total amount sent towards debt remains the same during the entire payoff, unless you find MORE to send in. That then would speed up the debt repayment process.
I also learned how to escrow and save for annual, semiannual,and unexpected expenses. It was nice to read a book where someone was honest about their debt and how they got to that point. Even better, she found a way out of the debt and was able to convey that to others.
The book is older and not as popular now, but it still has relevant information. I looked it up on Amazon. It can be purchased used for one penny and a couple dollars in shipping!! Of course, there is always the library. If you are just starting out, this may be a resource you'll look to often. Debt payoff can be done!!
We paid off that credit card debt in less than two years on very limited salaries using the snowball method. And that journey has carried us far. Stop by read, learn, ask questions. We want you to succeed in money, too!