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  • Scott Tolar

How To Get Out of Debt in 2023


Dave Ramsey is a personal finance expert and author who has developed a popular debt reduction strategy called the "debt snowball method." This approach involves paying off your debts in order of smallest to largest balance, regardless of the interest rate. Here's how it works:

  1. Make a list of all your debts, including the creditor, balance, and interest rate.

  2. Order the debts by balance, starting with the smallest first.

  3. Make the minimum payments on all your debts except the one with the smallest balance.

  4. Put as much extra money as possible toward paying off the debt with the smallest balance.

  5. Once the debt with the smallest balance is paid off, move on to the next debt on the list and repeat the process until all your debts are paid off.

This method can be effective because it allows you to experience the feeling of accomplishment and motivation that comes with paying off a debt. As you pay off each debt, you'll have more money available to put toward the next one, which can help you make progress more quickly.


To get out of debt using the debt snowball method, it's important to focus on building a budget that allows you to live within your means and save money. This might involve cutting expenses, finding ways to increase your income, or both. It's also important to be disciplined and stay the course, even when you're tempted to spend money on non-essential items.


If you're struggling to get out of debt and need additional help, there are a number of resources available to you. You can consider working with a financial planner, joining a support group, or seeking the assistance of a nonprofit credit counseling agency. No matter what approach you take, it's important to stay positive and stay focused on your goals. With time and effort, you can get out of debt and build a brighter financial future.


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