How to Get Rid of Your Debt Forever

How to Get Rid of Your Debt Forever (Using the Snowball Method)

Let’s face it. Debt sucks! If you carry high balances on credit cards, you know exactly what I’m talking about. Paying out all that money every month to high payments that are mostly covering interest just makes you feel like you will never get out of debt. But you CAN get out of debt! I once used the snowball method to pay off over $60,000 in debt. You can too!

The Snowball Method

The Snowball Method helps you get out of debt much faster than if you just paid the minimum each month. The way it works is you accelerate your payments by putting extra money toward your debt with the smallest balance first. Once you pay off that debt, you start working on the next smallest debt.

The kind of debt this works for is credit card debt, car loans, consumer loans, etc. But for paying off your mortgage early, you would use a different method which I will cover in a later post on For now, let’s try to get your credit cards and loans paid off quickly.

There are 4 easy steps to the Snowball Method

  1. List out all your debts on the Debt Snapshot Worksheet. List all your debts from smallest to largest balance.
  2. Determine how much extra you can put towards your debt. If you have a lot of debt, like $20,000 or more, then you should try to pay an extra $500 per month if possible. But if this isn’t in your budget, then do what you can. (If you are living paycheck to paycheck then you will need to make some changes before you can pay down your debt. Start with the basics of making a budget and cutting back expenses before tackling your debt.)
  3. Fill out the Debt Snowball Worksheet. Put your extra payment amount in and calculate how soon you will pay off your first debt. Then continue with each one after that.
  4. Start making payments for quick progress. Pay just the minimum payment on all the debts except the smallest. Pay the extra amount on the smallest debt. When that one is paid off, you take all the money you were paying on it and put it towards the next smallest debt. Once you pay off the first debt, you will be so excited about your progress that you will easily continue to stick with the Snowball Method.

You Could Be Debt Free

The average household in America owes over $16,000 in credit card debt. This can be paralyzing. Debt keeps you from having the flexibility to do the things you want and to enjoy your life. If you have a debt problem and you lose a job or have unexpected medical bills, things could quickly spiral out of control. If you have credit card debt, I challenge you to use the Snowball Method and get your financial freedom back. Download the Snowball Method sheets below.

Many people across the country are making the commitment to get out of debt and get on the road to financial freedom. I’ve done it. You can too!

If you need help setting up a budget, click here.

Click below to download the FREE printable worksheets for getting out of debt forever! The Debt Snowball Worksheets are part of The Modern Mom’s EPIC Guide to Easy Budgeting! You can download it below. The Modern Mom’s EPIC Guide to Easy Budgeting: 28 Page Workbook with 87 ideas to reduce expenses, 14 beautiful worksheets, 7 bonus lessons, and full, easy-to-follow instructions.



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The Modern Mom’s EPIC Guide to Easy Budgeting! 28 Page Workbook with 87 ideas to reduce expenses, 14 beautiful worksheets, 7 bonus lessons, and full, easy-to-follow instructions. Includes top advice from a professional accountant and university instructor.

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  • Reply
    kelly light
    July 17, 2017 at 3:36 am

    wow, such great advice. wish I had this when I was younger and stupid with money. lol

  • Reply
    July 17, 2017 at 1:26 pm

    Thanks for the info!

  • Reply
    Casey Garvey
    July 17, 2017 at 1:35 pm

    Love the chart

  • Reply
    Teri Moore
    July 18, 2017 at 2:22 pm

    Yes yes and yes just what I needed

  • Reply
    July 19, 2017 at 10:23 am

    Tips on getting out of debt is essential for today’s society. Great tips and advice here! 🙂

  • Reply
    Jana S
    July 19, 2017 at 10:47 pm

    I would love to get out of debt. Thank you for the chart

  • Reply
    Ashmyr Tallyn
    July 21, 2017 at 11:34 am

    Im out of debt!!!

  • Reply
    Mindi Eden
    July 22, 2017 at 8:37 am

    This is fantastic advice & it works! I used this a few years ago & now only have ONE credit card that I pay off every month!

  • Reply
    July 23, 2017 at 6:19 pm

    This is very helpful. Thanks.

  • Reply
    July 24, 2017 at 9:21 am

    I would love to get out of debt. Thank you for the chart

  • Reply
    Geena O'Banion
    July 24, 2017 at 12:21 pm

    Thank you for the information…….I have been trying to overcome some obstacles.

  • Reply
    Geena O'Banion
    July 24, 2017 at 12:25 pm

    It’s not so easy if the debt is a student loan……….it’s very confusing. I want to ask the accountant about overcoming the student loan debt issue. It should be mandatory that they NOTIFY DEBTORS of new programs available…anyway, I need the accountants advice about this.

  • Reply
    Ina Gribbins
    July 25, 2017 at 9:22 pm

    I really like the snowball method it sounds like something I could have used years ago!

  • Reply
    neil califano
    July 25, 2017 at 9:26 pm

    Always pay your higher interest bills first.

  • Reply
    July 27, 2017 at 3:22 pm

    My daughter has her credit cards frozen in a big block of ice so she doesn’t get into the credit trap. Unfortunately in today’s world you have to establish credit to make large purchases like a house.

  • Reply
    July 31, 2017 at 7:47 am

    It often is a matter of denying oneself while all money goes towards bills and debt.

  • Reply
    July 31, 2017 at 7:47 pm

    these are great tips

  • Reply
    Nicole Watson
    August 2, 2017 at 11:31 pm

    That is an awesome idea to put extra on the smallest bill first and then the next one. Thank you

  • Reply
    Jamie Johnson
    August 3, 2017 at 10:37 am

    Thanks for sharing this! The easiest way for me and my hubby to stay out of debt is to pay our bills on time and NEVER get a credit card! We buy things with cash. That way, if we don’t have it, we don’t buy it! And I NEVER spend ten bucks on coffee when I have a perfectly good coffeemaker at home, we do NOT eat fast food, and I enjoy cooking for us both. Cooking at home instead of eating out, is one of the easiest ways to save money!

    • Reply
      August 3, 2017 at 11:46 pm

      You sound very frugal. Great job! You won’t be part of the statistics of people drowning in debt.

  • Reply
    Kathy bergman
    August 4, 2017 at 2:36 pm

    I do have a few credits cards with balances but they are not huge by any means but big for me as I’m on a fixed income. I love this idea and will be printing that sheet out and using it. Great idea. Thank tou

  • Reply
    deion jackson
    August 8, 2017 at 1:30 pm

    I wish I had this while I was 18

  • Reply
    August 10, 2017 at 9:30 am

    You are doing such a great work …God bless you… I have read many of your articles now.. Thank You for your help…

    • Reply
      August 10, 2017 at 10:50 pm

      Thanks so much! It really makes a difference for me to know that I am able to help others. It makes all the hard work of this blog worth it if I can help improve even a few people’s lives.

  • Reply
    Nicolette Groszek
    August 12, 2017 at 4:24 pm

    Working on this now!

  • Reply
    Angela S
    August 13, 2017 at 12:06 pm

    I like the Snowball idea!

  • Reply
    Janice Pittenger
    August 13, 2017 at 12:09 pm

    My niece needs to read this article.

  • Reply
    August 23, 2017 at 3:01 pm

    We have effectively used this method. So I know it works.

  • Reply
    Holly Thomas
    August 24, 2017 at 12:48 pm

    I paid off all of my debt and opened a Paypal account to save for purchases.

  • Reply
    Margaret Sarsfield
    August 25, 2017 at 12:58 am

    i need this really bad. thanks.

  • Reply
    Katara Harper
    August 25, 2017 at 10:04 am

    Thanks for the great tips

  • Reply
    Crystal Walker
    August 25, 2017 at 3:29 pm

    I love this Debt Snowball , we will try this and see if it helps us get these credit cards paid off

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