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Debt relief for Michigan debtors and the snowball method

Now that the holidays are over, some residents in Michigan might be concerned about charges on credit cards and recovering from any accumulating debt. Whether it is credit card debt or any other form or debt or liability, individuals should understand methods to address their financial problems. While some repayment plans help individuals pay back credits more quickly, it is important to understand what method is best for their situation and achieving a fresh start.

One method to get rid of credit card debt or other forms of personal debt is known as the snowball method. This method entails paying off the smallest debts first and working towards paying off larger debts. This method could be very useful and effective, and those seeking to use should not only understand it but stick to the process.

First, the goal of the method should be set and understood. In most cases this is getting rid of as many accounts as possible in the shortest amount of time. This will not only eliminate debt and stress but will help the debtor establish a better credit for him or herself.

Once a goal is set, a plan should be made. Each account should be assessed and put in order, starting with the debt with the lowest balance. The debtor should progressively work to pay off that lowest balance and move on to the next lowest balance. Much like rolling a snowball for a snowman, the ball starts small and gets big. The debtor should end the process with one large debt.

The idea with the snowball method is to start small and work up until the goal is accomplished. While there are variations and additions to this method, the main idea with this process and other debt relief methods is for debtors to set small goals throughout the process. In some cases, this can help debtors tackle smaller debts but do little to address major debts. This could lead some to consider other options such as bankruptcy.

No matter what debt relief option individuals and families seek to initiate, it is important that they understand the process and what to expect throughout it. Becoming knowledgeable and seeking advice about a debt relief method will help ensure the debtor knows how to navigate it.

Source: Lowcards.com, "Understanding the Snowball Method of Debt Relief," John Oldshue, Dec. 29, 2014

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