Now it’s time to learn how to achieve what seems to be everyone’s goal at one point or another – paying off your debt. I am so excited to share this information with you all as this process has been how my husband and I have become debt free except for our mortgage. The process is called debt stacking, or snowballing.
So, what is debt stacking? In general, it means that once you’ve paid off one debt, you take that monthly payment and tack it onto another monthly payment for a different debt you have, and continue this cycle until you’re completely debt free.
The reason why this is easy to accomplish is because it’s money you’re already used to paying toward debt. It’s not additional money coming out of your pockets. However, if you’d like to help expedite this process, you can set a portion of your discretionary income towards one debt to start.
Watch this video for more information and examples.