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How It Works: Both are terms we hear a lot about in the personal finance community.
Simply put, the debt snowball method works by paying your lowest balance credit card first and work your way up.
Adding 5-10 monthly credit card bills can overwhelm your bill-pay. Going on vacation or having a hectic few days can result in several late payments and hundreds of dollars in fees.
This tactic would cause your score to drop even further.These cases are the most extreme and you might not have much of a choice.For many of us, there are still a handful of options to think through.When you’ve worked your entire life to maintain a relatively good credit score, the last thing you want to do is damage it.However, there are definitely some cases where a credit sacrifice is needed.
When we think about creating a plan to attack our debt, we often wonder how it will impact our credit.