Share post
Debt Consolidation Forums Debt Problems forums

What is debt snowball? Dos it require creditor approval?

member profile picture
Posts: 1
Credits: 0
[Donate]

I have heard about debt snowball. But I don't know what is it exactly? My friend said that it is a good way to repay debt. I know I can do it on my own. Does it require any creditor approval?




Answering your queries one by one.
The debt snowball is a debt relief method where you list all your debts from the lowest outstanding balance to the highest. Then, make minimum payments on all your unsecured debts and pay a little extra on the debt with the lowest balance. Once you repay this debt in full, follow the same strategy with the next lowest balance debt in your list. Continue with this until you pay off all your debts.
Yes, you can do it on your own.
No, you don't require any creditor approval since it's your own debt repayment strategy. You don't have to negotiate anything with your creditors.
Check out: https://www.debtconsolidationcare.com/financial-infograph ics/snowball-av...

Sub: #1 posted on Mon, 01/21/2019 - 03:05

Mabelle Page Mabelle Page

(Posts: 202 | Credits: )

The best part of the debt snowball method is that it helps you pay off small debts fast. It gives you motivation to pay off other debts one by one. You learn the art of managing money efficiently by focusing on one debt at a time and taking care of other debts as well.

Sub: #2 posted on Wed, 01/23/2019 - 04:53

Nick Jonas Nick Jonas

(Posts: 206 | Credits: )

No, it doesn't require the creditor's approval.

Debt snowball method is a good way to repay the multiple unsecured debts. Since it is a DIY method, you don't need to take approval from your creditors.

Sub: #3 posted on Thu, 01/24/2019 - 02:01

sanderspatricia29 sanderspatricia29

(Posts: 967 | Credits: )

No, you don't require any creditor approval, you can do it on your own. But you have to maintain discipline while following this debt repayment strategy.

Sub: #4 posted on Sun, 01/27/2019 - 23:28

tiarajoseph11 tiarajoseph11

(Posts: 418 | Credits: )

Attachment
More information
  • Files must be less than 500 MB.
  • Allowed file types: txt pdf jpg jpeg png.


Page loaded in 0.850 seconds.