I never expected to see this (Huffington Post article says forget interest - snowball is best)
Post ReplyPost New TopicPosted 1/31/2013 by Runner5 in NSBR Board
 

Runner5
Pea All You Can Pea!

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Posted: 1/31/2013 2:14:56 PM
‘Snowball' Debt Method Is Fastest Way To Pay Off Your Bills, Research Shows from Huffington Post

I was thinking there has to be research on this as this topic is debated so frequently.



Mary




Dalai Mama
La Pea Boheme

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Posted: 1/31/2013 2:20:20 PM
The article is riddled with words like 'perception' and 'confidence'. I prefer reality.

But it turns out people need more than logic
Oh hell no!



Jo Mama

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Darcy_Collins
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Posted: 1/31/2013 2:24:01 PM
This is a great example of poor journalism and why HuffPo drives me insane. The research looked at specifically:


In particular, they obtained data from a leading U.S. debt settlement company that enabled them to examine whether closing debt accounts predicts whether consumers succeed in eliminating their debts independent of the size of the closed account balances.


They found that there was a greater correlation with NUMBER of accounts closed and getting out of debt entirely versus total amount of debt paid off. The title of HuffPo article: 'Snowball' Debt Method Is Fastest Way To Pay Off Your Bills, Research Shows - is utterly and completely unrelated to the research which did not look at speed of paying off your bills and certainly didn't look at that speed in relation to interest rates.
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