Frugal for Life hosted Carnival of Debt Reduction #6.  (~Dawn has been a big supporter of the carnival, and it’s much appreciated!)

I haven’t submitted too often to this carnival because I’m not actively involved in consumer debt reduction.  I did manage to get a post together on the snowball debt reduction method.  The “snowball” part is the acceleration of balance payoffs that comes when you pay off a card/loan/note/whatever and then add that payment to the next debt.

Tackling the highest-rate card first will get you out of debt with the smallest overall interest payment, but tackling the lowest-balance card will reduce the number of debts you have the fastest.  The first way is faster than the second, but ultimately the point is that either snowball method is faster than just paying the minimum balances.

• Picks from this week's carnival As promised, here are some of my picks from this week's Carnival of Debt Reduction: Searchlight Crusade does his usual thorough job with this post on forty- and fifty-year mortgages. New and creative ways to goad people into taking on more debt than they can handle so that they're forever......
• Man vs. Debt has posted the Marathon Carnival (UPDATE 5/10: Dang, I forgot the link again!  Sorry about that!) Thanks to Man Vs. Debt for hosting this week's Carnival of Debt Reduction!  His picks for this week: Ask Mr. Credit Card interviews Tricia from Blogging Away Debt following her elimination of $37,614 of credit card debt! Money Ning......

• Travesty of the Debt Snowball aka Hello World I have a passion for personal finance... I can't get enough...  I read about it, I think about it, and now I write about it. Why does the Internet need another personal finance blog?  All personal finance blogs that I have read vilify debt, demonize it even... While such a stance is......
• Paying off Debt in 9 Steps pt 1 Throwing away your bills and shredding your credit card payment reminders simply is not going to make the problem go away. Debt is going to hover over you until you find a way to deal with it. Interest will continue to compound, and payments will continue to climb until you......