Re: Snowball Debt Reduction - Myth or Magic?
Dave talks about the emotional high of paying off a debt and moving on to the next one (on his website) as being the reason why you should pay smaller balances first. I believe he even refers to a study on this. I'm not sure I agree (I like paying on the highest balances more first), but I bet that works for a lot of people!
__________________
"...If you have paid your debts, if you have a reserve, even though it be small, then should storms howl about your head, you will have shelter for your [family] and peace in your hearts." - Gordon B Hinckley
|