snowball

It can happen anytime after you get your first credit card. One day you look at the bill, and even the minimum payment is almost out of reach. Years of purchases spell out what seems to be a lifetime of repayments and a fortune in interest. Don't despair. You can climb out. Here's how.

Do you want to pay down debt, but aren't sure how to do it? One of the best methods out there is called the snowball effect. This strategy of paying off debt focuses on getting rid of your highest interest rate credit cards first, which makes a lot of sense from a financial planning perspective...