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The truth about the debt snowball method is it's a motivational program that can work at eliminating debt, but it's going to cost you more money and time ? sometimes a lot more money and a lot more time ? than other debt relief options.

Debt Stacking | How Money Works? - YouTube YouTube Start of suggested clip End of suggested clip As each debt is paid off you apply the amount you're paying to that debt to the payment you wereMoreAs each debt is paid off you apply the amount you're paying to that debt to the payment you were making on the next Target account debt stacking allows you to make the same total monthly payment each

An Example of the Debt Snowball $500 medical bill?$50 payment. $2,500 credit card debt?$63 payment. $7,000 car loan?$135 payment. $10,000 student loan?$96 payment.

If you were to make only the minimum amount due on all of your debt, it would take about five years to become debt free. In contrast, using the debt snowball method by paying an extra $100 a month on your smallest balance, you'd be out of debt in about three years and save nearly $1,800 in interest.

Debt stacking allows you to make the same total monthly payment each month toward all of your debt and works best when you do not accrue any new debts. You continue this process until you have paid off all of your debts.

The "snowball method," simply put, means paying off the smallest of all your loans as quickly as possible. Once that debt is paid, you take the money you were putting toward that payment and roll it onto the next-smallest debt owed. Ideally, this process would continue until all accounts are paid off.

The stacking method works the same way as the snowball method, but you prioritize your debts differently in this method. Rather than listing them from smallest to largest, list them from highest interest rate to lowest interest rate regardless of the dollar amount. You then pay each as described in the snowball method.

And the savings are undeniable: With a card like the Aspire Platinum Mastercard®, which has a 2% balance transfer fee and no interest for six billing cycles (after 8.15% to 18.00% variable APR), you could pay off a $3,000 balance in roughly six months with payments of $500 per month.