Posted on February - 11 - 2010
How My Family and I Paid Off $90,415 of Consumer Debt In Two Years: Part 6
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This article is part six of a series I’m writing explaining exactly how my family and I paid off over $90,000 of consumer debt in less than two years.
With only three debts remaining as of November 2004, my wife and I were thrilled with the progress we were making using the debt snowball method to repay all of our outstanding debt.
In the previous article, I explained how we paid off our final credit card and decided to hold off on our two remaining student loans (the next smallest balances in our debt snowball repayment schedule).
Instead, we focused on paying off our higher interest automobile loan for the extra savings in interest (sorry Dave Ramsey).
We “only” had $37,028 of debt remaining at this point (we started with $90,415), and our monthly expenses were going down (thanks to intense budgeting) while our income was rising (lots of overtime).
There’s a Reason It’s Called a Debt Snowball:
The amazing thing about the debt snowball method is how efficiently it allows you to pay off your debt. Whenever I tri