How can I use the snowball method to pay off my $4,775 credit card debt?

S

StashSamHome

New Member
So, what's a snowball effect?

Okay, so I've got a Discover card, and I've spent a total of $4,775.89 out of my $7,500 limit (not all at once, of course).

Here's my question: how do I actually do this? My minimum payment is $96 now—it went up because I keep using the card, but I always pay at least the minimum. I really want to figure out how to make that snowball effect work for me.
 
If you look closely at the statement, you’ll notice a small section explaining that paying more say, an extra $100 can help you pay off your balance more quickly.
 
With only one card, the snowball and avalanche methods do not apply. Since this is your only debt, pay the maximum monthly amount you can afford. Avoid going into further debt, so ensure payments stay within your actual budget without overdrawing your account.
 
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