A debt blogger is midway through paying off $70,000 in credit card debt using the “debt snowball” method. Great stuff!
She posted a report showing her month by month progress with a breakdown of how much she and her husband owe and the percentage paid off. What’s interesting and good to see is that they are slowing down the debt snowball, taking some time to build up an emergency fund of $7,500. Smart move. Sometimes you throw all you’ve got into paying off your debts, which is great, but if you don’t also build up a little reserve fund while you’re at it you could find yourself suddenly financially sideswiped by unforeseen events.
October 29 – Baby Step 2 Update [Six Figures And Broke]