Debt Settlement is All We Do

Your Guide to Financial Freedom

Debt Snowball Tracker

The Debt Snowball Tracker is a tool designed to help individuals manage and reduce their debt in a structured and effective manner. By focusing on paying off debts from smallest to largest, regardless of interest rates, the debt snowball method provides a psychological boost and clear milestones that motivate users to continue their debt repayment journey. This method, supported by the tracker, enables users to visualize their progress, keep track of payments, and adjust their strategy as needed, making it easier to navigate the often overwhelming process of debt elimination.

If you’re struggling to manage your debt repayments and feel overwhelmed by your financial responsibilities, consider using a debt snowball tracker as a starting point. Our free debt snowball worksheet helps you organize and track your progress in paying off your debt using the snowball method.

For situations requiring more tailored assistance, debt settlement attorneys from SPENT Law Group can provide the necessary personalized support. By working with these professionals, you can develop a practical and strategic approach to debt elimination, combining the use of tools like the debt snowball tracker with legal advice to regain control of your financial health.

For personalized assistance that can significantly impact your financial future, contact SPENT Law Group at (855) 332-8457.

Debt Settlement Options
Pay it offPaying off the debt in full is often challenging for those seeking debt relief, especially with increasing interest rates. Minimum payments may not be effective.
Negotiate the debtNegotiating with creditors to reduce debts is a common strategy. It involves reaching settlements significantly lower than the actual amount owed.
File for bankruptcyBankruptcy removes the entire debt burden but has a major negative impact on credit rating for a prolonged period as creditors receive nothing.

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Debt Snowball Tracker

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What Is The Debt Snowball Method?

The debt snowball method to pay off debt was made famous by David Ramsey. With the debt snowball method, you pay off your debt from the smallest balance to the largest balance. This method is used to pay off consumer debts like credit card bills and student loans.

Does The Debt Snowball Method Really Work?

The debt snowball method is a debt repayment strategy recognized for its psychological and motivational benefits. The approach focuses on settling debts starting with the smallest balance and progressing to the largest, regardless of interest rates. The success of the debt snowball method is attributed to the psychological boost and momentum gained as each smaller debt is cleared, providing a sense of progress and encouragement to address the next debt.

This strategy involves organizing debts in order of increasing balance. Minimum payments are made on all debts, while any additional funds are directed to the smallest debt until it is paid off. Then, the focus shifts to the next smallest debt, continuing this pattern until all debts are settled

While this method might not be the most efficient in terms of saving on interest, as higher-interest debts might take longer to be addressed, the motivational aspect of achieving quick wins is significant. It motivates individuals to adhere to their repayment plan, which is a significant advantage for those who require regular encouragement to continue reducing their debts.

The debt snowball method does work for many individuals, especially those who struggle with staying motivated using other strategies. However, it’s important to note that the debt snowball may result in paying more interest over time and potentially extend the period needed to achieve complete debt freedom. Success with the debt snowball method largely depends on the individual’s preference for immediate wins and consistent motivation.

Using the Debt Snowball Worksheet

List all of your existing consumer debts and the amount owed. Organize the debts from smallest to largest.

List your minimum payments for each debt.

You will continue to make minimum payments for all of your debts with any additional money going toward the smallest debt.

Once the smallest debt is paid off, you will move on to the next smallest, and so on.

Update your tracker every month to track your progress as you pay off your debt.

Using the Debt Snowball Method, your total debt should decrease. If your debt is increasing, consider enrolling in a debt settlement program.

Learn More About the SPENT Debt Relief Program

What is Debt Settlement?

Debt relief/settlement is the process of negotiating with your creditors outside of court to repay less than the amount you owe. In most cases, we are able to reach settlements that are considerably lower than the actual amount owed. You typically have three options when it comes to lowering your debt burden:

Pay it off

This option is often impossible for individuals seeking debt relief. Making the minimum payments does not work as it will take years to pay off and your interest increases are higher than your payments so your balance actually grows. If this option is available to you, it is best to pay off your balances so your credit rating stays the same or even grows. But be careful, paying only the minimum payments can actually hurt your rating.

Negotiate the debt

This is where we come in. We negotiate with your creditors to reduce your debts. This creates a win-win because you pay a lower balance and your creditor gets to recoup some of their funds. When you enroll in the SPENT Debt Relief Program, you will stop paying your creditors. Since you are not making payments, you credit score will take a hit but your credit rating will recover in time after you pay your creditors the negotiated amount.

File for bankruptcy

If you are eligible for bankruptcy, filing will remove your entire debt burden. Since you pay nothing and the creditor gets nothing, this method has the biggest negative impact on your credit rating for the longest amount of time.

What are the Benefits to Debt Settlement?

One of the main benefits of debt relief over bankruptcy is the lasting impact on credit reports. A bankruptcy entry lasts for 10 years, which can affect future loan, credit card, and job applications. With debt relief, depending on how long it takes to pay off your debt, your credit rating will recover much faster than with pursuing traditional bankruptcy.

Debt relief helps alleviate the burden if you have fallen behind on payments. Once you enroll in the SPENT Debt Relief Program, we represent you and we will negotiate with your creditors to reduce the amount that you owe.

As we negotiate your debts with your creditors, you should expect payments plans lasting between 2-4 years. This is considerably less than if you decided to pay your debts off normally.

How Does Debt Relief Work?

Settling your debt requires you to pay your creditors an amount that is less than what you owe. Once you make the payment(s), the remaining balance is removed. You will get the best deal if you have enough money in your trust account for a lump sum payment, however, it is still common to receive significant discounts on payment plans.

The SPENT Debt Relief Program

Step One: Enroll in our Program

Call us at (855) 332-8457 or fill out our form to speak with a debt specialist for a free consultation. With your approval, your debt specialist will review your finances and credit history to make sure you are eligible for the SPENT Debt Relief Program. Once you qualify for the program, we will complete your enrollment. As part of your enrollment, you will immediate stop paying your creditors.

Step Two: Build Your Savings

You and your debt specialist will design a monthly payment plan that fits within your budget. Your monthly payments will be deposited from your bank account into an FDIC insured savings account. This is your account and will be opened in your name during enrollment meaning you have complete control of your funds at all times.

Step Three: Credit Communications

Now that you are enrolled in the SPENT Debt Relief Program, our legal team will reach out to your creditors asking them to immediately stop contacting you. Moving forward, we’ll notify the creditors that all future communications will be handled by SPENT Law Group.

Step Four: Debt Reduction

Once you have saved sufficient funds in your trust account, we will begin negotiations with your creditors to reduce your balances. We will notify you every time a settlement agreement is reached. There is no guarantee for how much your debt will be reduced, but we typically see reductions of 40-60% of the original debt amount.

Step Five: Graduation

Once you approve an offer from your creditor, SPENT Law Group will transfer funds from your trust account to your creditors to satisfy the debt. We will continue to do so until all of your enrolled debt has been reduced and paid off. And then….you graduate!

Types of Debt That Qualify for Debt Relief

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