Using the Snowball Method to pay off credit card debt

It know it’s only been a few months since we posted bout it, but I wanted to check in and share an update on where I’m at in paying off some credit card debt using the Snowball Method. Plus it’s currently snowing where I’m at (Minnesota), so it seemed like a good time to revisit it. :snowman:

So back in August I found myself with a little credit card debt. About $12k on three different cards, broken down like this:

Card 1: $500
Card 2: $6.5k
Card 3: $7k

I’ve since payed off Card 1 and gotten Card 2 down to $3k. With the minimum payments, Card 3 was charging me over $100 a month in interest so I did something I’ve never done before – a balance transfer to another card. Terms are 12 months 0% APR plus 5% transfer fee.

Current breakdown is:

Card 2: $6k
Card 3: $3k

So about $9k more to go! Hoping to have everything paid off by the end of 2023. While I don’t have much money to spend after each paycheck beyond the essentials, it feels really good to pay down this debt.

Who else has successfully used the Debt Snowball Method? Are there any other methods you’ve used and had success with?

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This method is something I would like to try out going into the new year.

I had all of my cards paid off at the beginning of this year but due to unexpected family emergencies, we weren’t able to earn as much income this year and some of our expenses went on a credit card.

I have used balance transfers before successfully to manage debt to pay as little interest as possible and definitely something I would recommend looking into if you have a solid plan in place to pay down debt but just need a little breathing room.


With the Snowball Method, I’d be paying $1k+ in interest over time before I could get to paying off the card I owed $7k on, so the balance transfer seemed justified to me!

I also considered going for a bigger loan with low interest that would cover all my credit card debt. One that I could budget a set amount for each month and pay off on time. But I don’t want to overcomplicate things – I just need to focus on paying down all this debt as fast as I can!

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I’ve used the SnowBall Method before as well and will be using it again. It really does help motivate you.


Sounds good will going to try it