Comments on: Alternate Debt Snowball Theory: How Annoyed Are You?

By: Michael

Michael — Sun, 03 Apr 2011 19:06:42 +0000

I have just cleared my next debt! Yeaah!!!

By: Michael

Michael — Wed, 30 Mar 2011 20:44:36 +0000

I completely agree with Theory #2: Low Balance!
That effect what it gives to me is skyrocketing!
I managed to pay off my smallest debt and that feels skyrocket! I am confident now that I can repay the others, too!

By: Réplika

Réplika — Tue, 04 Jan 2011 20:42:00 +0000

The theory that you shared may help alot of people. But I want to know more about it. I think there are missing things.

By: Rob From Debt Relief USA

Rob From Debt Relief USA — Sun, 11 Apr 2010 13:15:21 +0000

We’ve been teaching the snowball method for years to our members without problems. The approach instills self confidence and is more likely to succeed, as once the lowest debt is paid off the extra money that is then available can be used to pay off the next smallest debt.

By: Matt

Matt — Wed, 16 Dec 2009 12:28:00 +0000

Since my May 7,2008 post I am now down from 195,000 to 161,000 and counting. Its a hard road and a lot of sacrifices. The main factor is that with the recession all bills keep going up. Everything from Comcast (120.00 to now 163.00), utility bills will be going up by at least 40% when rate caps come off, food prices shot up 32% and I haven’t got a raise or cost of living for over a year. Boy its slow going but I am sticking to it.

By: Thebe

Thebe — Tue, 15 Dec 2009 19:36:36 +0000

Another factor is the mental energy expended when you’re really in debt and juggling a number of cards. You really have to watch your credit card lenders (especially these days) and look at every inch of your credit card statements. The more bills you’re juggling, the higher chance of making a mistake, and as we all know, making the tiniest mistake on a credit card payment can be expensive.

So I am paying our smallest balance first, even though it’s not one of the highest APRs, because then we can close that card and it will be one less bill to deal with. Our goal is not only to strengthen our finances but also to simplify them.

By: Damon Day

Damon Day — Fri, 30 Oct 2009 19:28:04 +0000

Hey Stephanie,

I have been lurking (as they say) on your blog for a few months now. Thought I would weigh in on this.

The reality is this secret war will never be won or decided because obviously different methods are better for different people and situations. I of course side with you and go for the high rates first because that just makes sense to me. However, in some cases if you have some nagging, or family debts, you might want to knock those out first, or maybe some really small store cards that it would feel good just to check them off the list.

Ultimately I actually think a combination of the three strategies will work the best for most people.

Great post though, and I liked your angle on the “secret war”

By: Tom

Tom — Mon, 14 Sep 2009 10:47:14 +0000

Nice site.the theories what you have given is really going to help a large number of people who have to pay big debt.
LOVE the layout!This is one of the most interesting sites i really like.

By: Debt Reduction Methods and Philosophies: Snowball, Avalanche and More - Consumerism Commentary, personal finance since 2003

Fri, 29 May 2009 11:01:04 +0000

[...] to motivate anyone to scratch, just ask any kid with chicken pox. Stephanie from Poorer Than You is a fan of this approach. This works well when you include debts other than credit cards. If you have a personal loan from a [...]

By: * Dave Ramsey’s Debt Snowball

* Dave Ramsey’s Debt Snowball — Wed, 08 Apr 2009 02:06:04 +0000

[...] the Debt Snowball at Plonkee MoneyDebt Deluge – Modified Debt Snowball at No Credit NeededAlternate Debt Snowball Theory: How Annoyed Are You? at Poorer Than YouMore Articles On Dave Ramsey’s Debt [...]