Snowball (or Avalanche)
Posted on May 4, 2017
I’ve been working with Lillian of OhMyDollar.com to build a plan to attack my personal debt. She’s given me a number of tools and answered a bunch of questions but one choice is up to me to make.
Snowball or Avalanche?
Snowball and Avalanche are two ways to prioritize debt. The Snowball strategy is to attack the smallest amounts first in order to create some wins for yourself. The Avalanche is to attack the highest interest first because that is smarter. It’s sort of a choice between emotion and intellect and since I’m torn between the two I’m letting the shareholders decide.
Of course this choice would be easier if I revealed more information about my personal debts but the whole point of working with Lillian is to have someone I can trust without revealing the actual numbers of my personal finances. So I’m asking you to make this vote more in the abstract. Which concept is more appealing to KmikeyM?
This proposal will be for Snowball. A yes vote means attack the smallest debt first. A no vote will be in support of Avalanche, which saves money!