Get Out Of Payday Loan Debt

A common strategy to effectively get out of debt is one that Dave Ramsey, author of Financial Peace, calls the "debt snowball." Instead of being snowballed by debt, you can use the snowball effect--the way a snowball gets larger and larger as it rolls down a hill--to free yourself from debt more quickly. Here's how it works.

1. List all your debts with their dollar amounts and required monthly payments. Put them in order with the smallest debt first and the largest debt last--no matter what the interest rates or monthly payments are. For example:

• Debt A: Balance--$400; Monthly Payment--$60
• Debt B: Balance--$600; Monthly Payment--$50
• Debt C: Balance--$5,000; Monthly Payment--$250
• Debt D: Balance--$20,000; Monthly Payment--$400

On your sheet, Debt A might be a gasoline credit card. Debt D might be a student loan or a car loan. If you own a house and have a mortgage on it, the amount you still owe and its monthly payment would be on the list too. The important thing is to list everything.

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• Get Out Of Payday Loan Debt

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