![]() He never drops his debt payments below $500 per month, even when his total minimum payments are far lower. This pattern continues until all of Jim's debts have been repaid.Again, Jim keeps his total debt payments at $500 per month, throwing an extra $220 per month at whichever debt he chooses. Now his minimum payments total $280 per month. Now let's assume Jim pays off a second debt, eliminating one $120 minimum payment. ![]() He keeps them at $500 per month, applying that extra $100 beyond the minimum payments to the debt of his choice. With the debt snowball, however, Jim doesn't reduce his debt payments to $400. Now his minimum payments total $400 per month.
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