Your next step to paying down debt - focus on one bill only

**frugalfarmwife** · 03-16-2006, 10:14 AM

Originally posted by MandiDawn
I've been doing this and it's wonderful - I paid off so much last year, and my student loan will be paid off in a few weeks (next paycheck).
But - the only one I have left is my car loan, and it's overwhelming me. I told myself to keep up with the snowball thru July and then reevaluate. I'm hoping I see how much I've paid off and that gives me a push to follow thru for another 6 months.

Mandi this is AWESOME! I know it will feel great to get those student loans paid off

And you can do it on the car, it's not nearly as overwhelming as you thing, just keep going!(Thats what I keep telling myself on this mortgage. I REFUSE to let it go the whole 30 years and give the bank all that extra interest money!

kj

**prairie_girl** · 04-08-2006, 02:16 AM

We paid off a $1400 bill from a collection agency in mid-March. It felt SOOOOO good. We paid it in cash too, it was great to do that, and to see DSO willing to do that. They're a former spendthrift.

**freedeal** · 04-14-2006, 11:48 AM

We have practiced this idea all year and at the end of March paid off a large bill that wouldn't have been paid off until September probably. Now we are focusing on our only other bill (except the mortgage) and our goal is to have it paid off by the end of December.

**starsapphire** · 04-29-2006, 02:30 PM

Today I did some calculating to see how much more I can pay per month on my debt snowball and still save to build up my EF. I then recalculated everything to see when I can realistically have all my CC debt paid off and it looks like I will have it all paid off by the end of November. I already paid off one CC in full. That felt really good! Come on, November!! LOL.

**Sari** · 04-29-2006, 03:54 PM

So, if you have a whole bunch of debt (some big, some little) are you supposed to make small payments to each of them every month and also put any extra toward 1 particular bill, or are you supposed to focus all your debt money on 1 bill only?

**treeluva** · 04-29-2006, 04:26 PM

Well, you should always pay your minimums on all your credit bills. But focus all extra money to one bill..... your choice of largest balances first or largest interest first, or smallest balance first..... the object is to be able to see your debts going down.... one step at a time!

**starsapphire** · 04-30-2006, 11:21 AM

Pay the minimum payment on all debts and pick one to focus on. Pay the minimum on that one plus all the extra money you can throw at it. The snowball plan really works!

**autumnlynn** · 05-30-2006, 02:53 AM

The debt that I am focusing on now is the hospital bill of $734.78. I am paying the minimum on the others. With my snowball, I am aiming for the end of July to have this paid off!!

**younglady50** · 10-16-2006, 09:37 AM

I have also done the same thing. I had a Sears balance of 900.00, a Firestone at 400.00 and a Macy's at 200.00. I had paid the minimums on all of the above cards. I decided to put more money on one card, while paying the minimums on the rest. Once that first card was paid off, I snowballed my payments and did the same with the next card. In about 6 months, all 3 were paid off. I have since vowed, that I will change my spending habits and not use them at all. If I really don't need something, just because it is on sale, then I will not buy it at all. Discipline, discipline, discipline. It really paid off. And what a feeling of freedom. Now I am onto my 2 larger credit cards. I have applied all my minimums from my previous 3 cards and placed them on my next higher interest rate credit card. This is taking a while to go down, but at least I know I am on my way to being debt free. Another thing to do if you can, is pay 1/2 of your minimum the begining of the month and the other half on your due date. You will be saving on interest fees. You just have to remind yourself to make that 2nd payment. Just one more thing, if you have a credit card balance, look into getting a 0% credit card and make a balance transfer. Try to get a card that has no balance transfer fees and no annual fee for having the card. Hope this is helpful. It has helped me a great deal.

**Jennys2angels** · 04-30-2007, 12:10 AM

That is exactly what we do... we focus on trying to get one debt paid of quicker then all the others.

**beautifullyhaunted** · 07-29-2007, 11:45 PM

This is what I'm going to start doing. I have a $500 bill that isn't the biggest or the smallest, but I feel its the most important. It's to Niagara University, and they wont release my transcripts until it is paid in full, meaning I cant go back to school until I pay it off.