The debt snowball method is a debt reduction strategy popularized by financial expert Dave Ramsey. It involves paying off debts in order of smallest to largest balance, regardless of interest rates. Here's a step-by-step guide on how to start with the debt snowball:

# List Your Debts: Create a comprehensive list of all your debts. Include credit cards, personal loans, medical bills, and any other outstanding balances. Record the name of the creditor, the total amount owed, the minimum monthly payment, and the interest rate.

# Organize by Balance: Arrange your debts in ascending order based on the outstanding balance, from the smallest to the largest. Ignore the interest rates at this stage; focus solely on the total amount owed. We are going for some quick wins for motivation here, not by the interest rate.

# Determine Your Monthly Budget: Establish a realistic monthly budget that covers your necessary expenses like housing, utilities, groceries, and transportation. Allocate a portion of your budget for debt repayment.

# Pay Minimums on All Debts: Continue making the minimum monthly payments on all your debts. This ensures that you stay current and avoid late fees.

# Tackle the Smallest Debt First: Focus your extra funds on paying off the smallest debt while continuing to make minimum payments on the others. This targeted approach allows you to experience quick wins by eliminating smaller debts sooner.

# Celebrate Small Victories: Celebrate each time you fully pay off a debt. This positive reinforcement helps build momentum and motivation to tackle the next debt on the list.

# Roll Over Payments: Once a debt is paid off, take the money you were allocating toward its repayment and apply it to the next debt on the list. This "snowball" effect accelerates the debt repayment process.

# Repeat the Process: Continue this process of paying off one debt at a time, gradually moving from the smallest balance to the largest. As you eliminate each debt, the amount available for repayment snowballs, allowing you to make larger payments on the remaining debts.

When you are choosing the right debt repayment plan so that you can get your finances under control for a new apartment, the debt snowball is going to be one of the most efficient to help you get it all done. And when it is time to go shopping for a new apartment, then come and check out some of our available apartments on Broad Street in Columbus, Ohio. These apartments are a step above the rest and will have you falling in love in no time. Come and take a tour today and see if it is time for that big move.