Pelley Law Office LLP
Dallas Office
Plano Office
Sherman Office

No Charge For Initial Consultation ($250 value)

Menu Contact

Over 80 Years Of Combined Experience

View Our Practice Areas

2 options for paying off debts faster

Getting out of debt is something that takes work, especially if some of it involves credit card bills. The interest alone on credit card bills can sometimes mean that making only the minimum payment isn't enough to effectively pay off the balance. For Texas residents who are drowning in credit card debt, there are two main methods they can use, which one columinst has referred to as the avalanche method and the snowball method.

The avalanche method involves making more than the minimum monthly payment on the credit card account with the highest interest rate. By making more than such minimum payment, the balance is knocked down faster and the interest that accumulates isn't as high. The downside to this method is that it sometimes isn't really worth it if the interest rates on the credit card accounts are almost the same.

The snowball method involves paying more than the minimum payment each month on the credit card bill with the lowest balance. This method is the preferred method of some simply because of the psychological effect since the bill will be paid off the fastest and the person will have one less bill. No matter which system a person uses, once a bill is paid off, the money that was used to pay off that card is then shifted to pay for the next credit card on the list. This allows the credit card bills to be paid off in a systematic manner that strategically reduces the debt load of the person paying.

There are some instances when paying off debts in this manner isn't possible. When that is the case, debt settlement or bankruptcy might be viable options. An attorney might provide advice about the various available alternatives to a client who is seeking debt relief.

No Comments

Leave a comment
Comment Information

Awards & Recognition

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Office Locations

Plano office
Sherman office
Dallas office

Plano Office
1312 14th Street, Suite 100
Plano, Texas 75074

Phone: 972-608-0335
Map & Directions

Sherman Office
905 North Travis Street
Sherman, Texas 75090

Phone: 903-813-4778
Map & Directions

Dallas Office
100 Crescent Court
Suite 700
Dallas, Texas 75201

Phone: 214-733-1775
Map & Directions