I never expected to see this (Huffington Post article says forget interest - snowball is best)

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Posted 1/31/2013 by Runner5 in NSBR Board

Pea All You Can Pea!

PeaNut 36,843
April 2002
Posts: 16,666
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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.


Dalai Mama
La Pea Boheme

PeaNut 49,641
September 2002
Posts: 26,337
Layouts: 85
Loc: Drunk on the lawn in a nuclear dawn

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


Gotta kick at the darkness 'til it bleeds daylight. - Bruce Cockburn

The knack of flying is learning how to throw yourself at the ground and miss. - Douglas Adams


PeaNut 514,615
July 2011
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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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