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Ask Dave

Out With The Old Debt

Janette needs two debt snowballs, one for the current debt first and then another for the old debts.

QUESTION: Janette is 25 and just starting her total money makeover. She only has $2,800 in car debt, but has some old debt as well. What should she do about it?

ANSWER: You’re going to do two debt snowballs here, one for the old debt and one for the new. Attack the current debt (the car debt) first. After you’re done with that, then attack the old debts.