I don’t feel that my debt snowball is getting me anywhere. The problem is I don’t have enough money to make all of the minimum payments, let alone pay anything extra on the smallest debt. Therefore, I have decided to implement a a new method that I have coined, DEBT TORNADO. It works like this:
- Pay a large designated amount from one of your paychecks towards the smallest debt until that debt is paid in full.
- Take turns paying the other minimum payments of the debts that are not being paid due to the DEBT TORNADO payment.
- Still go in order from smallest to largest debt so rinse and repeat until all debts are paid, or at least until enough debts are paid to where you can transition back to the conventional SNOWBALL.
The DEBT TORNADO has the promise of tearing up my financial life so any moral victories obtained from winning by erasing debts will be needed. I am anticipating late fees, credit damage, and even threats of debts being sent to collections. This is why it is will be particularly important to take turns paying the other minimum payments. Have you ever heard the saying, “If a dog starts barking, throw it bone?” Honestly, I’m very afraid to try this new method. However, I finally realized what Uncle Dave Ramsey has said all these years… My hair is on fire!! This is an emergency that so I’m taking this chance because I think that it’s my only way out. My only alternative is to struggle making minimum payments until I’m dead and still not be able to make all of the payments. I guess I just don’t have anything lose at this point. Please let me know what you think in the comments below!