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.

• Debt reduction tip: Pros of paying off the highest rate first Regardless of how you slice and dice things, paying off consumer debt takes a huge amount of discipline. It's usually far harder -- and far less fun -- to get our of debt than it is to get into debt. (This isn't true in all cases, of course; not everyone......
• Prime Time Money has posted Carnival #140 Prime Time Money posted a circus day Carnival of Debt Reduction for this week! He had quite a few Editor's Picks: Free From Broke doesn't think credit card debt should weigh you down. My Two Dollars serves up ten quick and easy ways to reduce your debt. The Happy Rock......

• Five for Friday (on Saturday January 24) It is amazing how quickly the week speeds by when you are really busy at work. So quickly that this week's 'Five for Friday' wasn't ready on Friday, but that didn't stop other bloggers from posting some interesting articles. Here they are: Peter at Bible Money Matters shares his journey......
• 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......