We’re going to use credit cards as an example, because that’s usually where this strategy is most effective. The “snowball” refers to what happens when you roll a snowball down a hill – it gets bigger and bigger as it picks up more snow. This general theory is applied to credit card debts, making larger and larger payments as you pick up momentum. Here’s how it works: More

When you take out a credit card and use it to charge a purchase, you are agreeing to make payments within the terms of the agreement that you have with a bank or finance company. If you break that agreement, the bank or finance company that issued your card is likely to take steps to punish you. More

From cable bills to everyday spending habits, these 6 tips will help you save more, spend less and get on the fast track to financial success. 1. Set Goals You might think that first on our list should be the infamous New Year’s resolutions we’ve become so accustomed to year after year. But since New Year’s resolutions tend to flop by January 30 each year, goal setting is a much better option! More

Debt settlement is a debt repayment strategy where you negotiate with your creditors to accept a partial payment as full satisfaction for the debt. If the creditor agrees, you pay just a percentage of your outstanding balance and the rest of the debt is cancelled for good. More