+3 votes
by (4k points)
Good morning  Another question about the debt snowball- Do you pay off each debt in full, or do you save up the money and continue to make minimum payments each month until you have the full amount due? I have several debts that would require me to split the payment over a couple of months, but I obviously don't want the majority of my payment going to interest. I was thinking it would be better to wait until you have the full amount saved, just not sure it's a good idea to have all that money sitting around  
Good morning  Another question about the debt snowball- Do you pay off each debt in full, or do you

2 Answers

+2 votes
by (950 points)
 
Best answer
Make the payments as soon as you have money available. The faster you pay down the principal balance, the less interest you’ll pay over time.  
0 votes
by (11.6k points)
I treated my debt minimum as a monthly bill. I then did my budget. Anything left over went to the debt I was tackling first.  
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