Snowballing is truly effective when you’re struggling to meet your remaining credit card debts after Christmas. It’s perhaps your best time to talk about snowballing. Don’t confuse debt snowballing with the white stuff that you see all around. Snowballing also refers to a process of debt repayment.
Does snowballing work effectively?
Getting out of your debt burden seems like an uphill task, especially when you have to deal with a number of different cards. You may only tackle them in an organized and simple way when you opt for snowballing. Finding out the APR on every card that you have and the debt on each of them will certainly help you roll the ball. Let’s imagine a scenario wherein you have three cards, say X, Y and Z. You must choose the card that shows the highest APR first; let’s assume it to be your card X. You’ll try to pay it off very soon as this card will charge the highest interest. That’s one reason why you must try to pay more towards this card instead of paying the minimum amount every month. 
Pay Off Credit Card Debt
At the same time, you mustn’t forget your card Y and card Z. The minimum amount that you need to repay every month needs to be paid in time. In case you fail to do so, it will influence your credit rating negatively and charge you for all your missed payments. Upon paying your card X in full, you’ll need to start repaying more towards the card Y which has the second highest APR. Likewise, you can start repaying your balance on card Z once the card Y is paid off.
Can I be debt-free very soon?
The number of credit cards you have, the APRs charged by your credit cards and the worth of debt they show will help determine how fast you can actually pay them off. You’ll get an idea once you seek a proper explanation. Let’s assume a minimum amount worth 2% of your debt to be paid towards each of your cards every month – 
  • Card X with an APR worth 20% demands a minimum payment of £60 every month
  • Card Y with an APR worth 15% demands a minimum payment of £100 every month
  • Card Z with an APR worth 9% demands a minimum payment of £40 every month
You must try to raise your monthly repayment towards card X. You may raise it to £100 a month from your initial payment of £60 a month. This way, you’ll end up repaying £240 towards your entire credit debt every month. Card X will be paid off entirely in about three years and few more months. Once this is done, you must continue paying £240 towards your combined credit card debt. Make sure this payment is redistributed, so that your card Z achieves an amount of £40 and card Y achieves an amount of £200 every month.
Pay off your cards Y and Z in full by continuing your payments every month. It really helps if you can pay more towards your most expensive card. Similar views are shared by financial experts associated with eminent debt relief services.
In order to repay more, you’ll need to save a little out of your daily expenses. Consider setting reminders in a dairy or notepad and check your finances regularly. Your initial balances should be entered first and then you must keep the page updated on a regular basis. Websites belonging to credit card settlement services are likely to throw valuable information in this regard. 

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