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Beyond the Debt Snowball: Other ways to pay off debt (and are they worth it?)

Posted by Mike Pumphrey on November 15, 2021 | Featured

I look at some non-traditional methods of paying off debt to see if they are any better than the Debt Snowball method. The problem: you have multiple debts, all with varying amounts, interest rates, and payback timelines. Some are secured … Read More … Read More

Tags: debt, debt free, debt payoff, debt snowball

The Debt Math Throwdown (or testing the debt snowball)

Posted by Mike Pumphrey on March 6, 2014 | Featured

In my discussion about how to pay off your debt, I mentioned how there were primarily two schools of thought: pay off the highest interest rate first, or pay off the smallest debt first (a.k.a. “the debt snowball”). The … Read More … Read More

Tags: debt, debt snowball, loans, student loans

Past due: What to do when you’re behind on your debts

Posted by Mike Pumphrey on January 9, 2023 | Featured

Getting current with past due debts is one of the most urgent tasks for you to take care of, pretty much before you do anything else. I’ve talked about how to pay off debt. That’s that “debt snowball” thing you … Read More … Read More

Tags: arrears, collections, debt, debt payoff, past due

You can’t pay off your debt until you do this first

Posted by Mike Pumphrey on February 1, 2021 | Featured

If you’re trying to pay off debt without making sure that you’ve done all the necessary work first, you’ll never make any progress. Debt looms large in our financial thoughts. For example, in a list of 50 hashtags in the … Read More … Read More

Tags: budget, budgeting, debt, debt payoff, debt snowball

How to pay off a $10,000 debt

Posted by Mike Pumphrey on October 12, 2020 | Featured

Paying off debt requires drive, focus, patience, and accountability. In this post I show how you can pay off a large debt. In a recent YouTube video, I talked about a hypothetical $10,000 debt. Now, for many people, this sort … Read More … Read More

Tags: debt, debt payoff, debt snowball

How to find the sweet spot for paying extra on a debt

Posted by Mike Pumphrey on March 25, 2019 | Featured

If you have debt, some of the mandates are clear to you: Pay it off, obviously. Pay down a single debt at a time. Pay either the highest interest rate debt first (which makes sense on paper) or the lowest-sized … Read More … Read More

Tags: debt, payoff

Why not debt consolidation?

Posted by Mike Pumphrey on March 1, 2018 | Featured

Paying off debt is hard. Chances are that you have debts in a number of different places (car, student loan, credit card, and even perhaps medical or personal debts as well), all of which have different payment dates, rates, and … Read More … Read More

Tags: debt, loan consolidation, student loan consolidation, student loans

The debt doldrums: how to manage a single large debt

Posted by Mike Pumphrey on February 26, 2018 | Featured

Do you have a really big debt? I do. It’s called my mortgage. Last year, I was able to successfully pay down my mortgage such that my loan-to-value ratio (essentially, the percentage of how much I owed on my home) hit … Read More … Read More

Tags: debt, mortgage, mortgages

If you’re still unsure about what method to use to pay off your debt

Posted by Mike Pumphrey on May 4, 2017 | Featured

If you’re like most people, you’ve got some form of debt. It could be a car loan, it could be credit cards, or it could be “good debt” like student loans. No matter, it’s got to go. You need to get … Read More … Read More

Tags: debt, debt snowball

Should you get a loan to pay off your debt?

Posted by Mike Pumphrey on November 17, 2016 | Featured

Paying off debt is hard. It can feel like you’re not even making progress. Sometimes this is actually true. If you make minimum payments on your credit cards, you’re basically never going to pay anything off. And if you’ve got … Read More … Read More

Tags: debt, loans, refinancing

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