Comments on: How Making Multiple Payments Can Speed Up Your Debt Reduction Progress

By: Sandy

Sandy — Thu, 05 Mar 2009 18:59:20 +0000

I do this snowflaking with my student loans. Every “extra” $20 that I find or compile goes directly to the student loans. It reduces the average daily balance which in return reduces the finance charge that is accrued on a monthly basis. I think sometimes we forget that even the smallest payment adds up over time.

By: Ben J

Ben J — Wed, 04 Mar 2009 23:44:56 +0000

@ Nate

If you receive a fortnightly pay packet and have monthly expenses, there will be some months where money allocated for certain expenses doesn’t need to be allocated. (26 pay packets in a calendar year equals 13 months)

By: Green Panda

Green Panda — Wed, 04 Mar 2009 01:44:55 +0000

I know this works because we used it to pay off our car loan early. Any snowflakes money we received (including last year’s rebate check) was sent to pay off the debt. It’s amazing how quickly the debt went down. This is great information NCN!

By: Liz

Liz — Tue, 03 Mar 2009 17:00:47 +0000

Hi just made final payment to cap one, overdraft checking will be paid off at the end of march and than its visa’s turn i have been making double payments but i never put for principal only on the payment I knew you could do that for loans but can you do that for a credit card

By: When You Own Stuff Stuff Owns You

When You Own Stuff Stuff Owns You — Tue, 03 Mar 2009 14:38:24 +0000

Love your blog! I believe you have an incorrect word. I think you meant logging vs longing… Blessings, GW

Provides A Much Needed Emotional Boost -

Let’s face it, debt reduction can be a long, arduous process. For me, I needed the psychological rush that came from “longing” into my credit card account, and noting that my balance had decreased.