If your familiar with Dave Ramsey and his debt snowball, then you know that the premise is to pay the minimum payment on all but your lowest debt balance, and put the rest of your available cash towards that debt until its paid off. The idea behind paying your lowest balance first is that seeing those debts disappear keeps you motivated, even if it might make more sense financially to pay the highest interest rate debt off first.
Since I have a whole blog about paying off debt, I've been doing the highest interest rate version, because I figured I wouldn't need that extra motivation. Honestly, though, its getting a little discouraging to have it be July and not really have any less bills, even if those balances have shrunk. So, for the second half of the year, I think I'll switch over to the traditional Dave Ramsey plan, including the 1000 dollars you're supposed to have in you savings, just to mix things up a bit. If its much more stimulating, then I can continue on with that plan next year instead.
Will let you know how it goes! (Obviously)
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