What do snowballs have to do with payday loans? Well, if you have never built a snowman then how would you? A snowball starts small and will continue to grow it gets rolled around. Push it along the snow or let it roll down a hill, the snowball will get bigger leaving a crevice trail behind. Debt can build in the same manner. It can start small and continuously grow, sometimes faster than others.
Turn the snowball effect around and instead of growing; let the large debt start rolling on plain ground. You will see the snowball gradually melt away or at least be torn down one chunk at a time.
It all starts with looking at the big picture. Make a list of all your creditors and the debt owed to each one. Now arrange them in least to greatest order. Don't pay attention to interest rates especially if the debt with the highest interest is also your largest debt. When starting to pay off debt with the largest portion, it can be frustrating when there are no fast rewards. Paying off the lowest debt will bring a feeling of achievement and encouragement to keep going.
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