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'Debt Snowball' could eliminate credit card debt

On behalf of Bankruptcy Law Firm of Clare Casas on Wednesday, June 12, 2013.

For some Florida consumers, high levels of credit card debt have led to a need for serious intervention. When worries over debt begin to alter one's quality of life, or is bringing stress and turmoil to a family, it is time to assess the various debt relief options available. One path to debt relief, known as the 'debt snowball,' can help consumers aggressively pay down their outstanding credit card debt and move forward to a more stable financial future.

The concept was introduced by Dave Ramsey, a well-known and highly respected financial advisor. Ramsey advises saving around $1,000 as an emergency fund before beginning the process. Then, consumers should sit down and outline each of their debts, listing them in size from the smallest balance to the largest. The next step is to aggressively pay off the card with the smallest balance. Meanwhile, consumers should make the minimum monthly payment on the other accounts. Once the smallest account has been paid off, move on to the next larger card. The process continues until all debts are repaid. While a consumer may pay a little more in interest charges by taking this approach, Ramsey believes that the positive momentum gained by seeing fast results will motivate consumers to stick with the plan.

While the debt snowball is a great option for many Florida consumers, there are cases in which existing levels of credit card debt are simply insurmountable. Once an individual's debt load has far surpassed his or her ability to repay, more aggressive forms of debt relief are called for. For some, personal bankruptcy offers a faster and more lasting path to debt relief, and can lead to the discharge of existing credit card debt. It is worth the time to research personal bankruptcy and determine if this may be the best solution to high levels of credit card debt.

Source:, "How to Handle Credit Card Debt," Clay Wyatt, May 30, 2013

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