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The snowball debt method
With this method, you pay off your debts from the smallest balance to the largest balance, regardless of interest rates.
When you pay the smallest debts first, you start to clear your low debts away very quickly. Doing this feels empowering. Once you've paid off a debt, you will have more money to send as an additional payment to the next debt you are focused on (hence the snowball analogy.)
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Deciding between the Snowball and Avalanche debt methods
The supporters of the two methods are both enthusiastic about which one to use. However, it barely matters which system you use. The best approach is the one that keeps you motivated.
Make the minimum payments on all of your debt. Then, focus on one debt that bothers you the most a...
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The avalanche debt method
In the debt avalanche method, you pay your debts from the highest interest rate to the lowest interest rate, regardless of balance.
You will pay less in interest if you pay off your debts in this order. You will also pay it off faster.
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MORE LIKE THIS
The avalanche debt method
In the debt avalanche method, you pay your debts from the highest interest rate to the lowest interest rate, regardless of balance.
You will pay less in interest if you pay off your debts in this order. You will also pay it off faster.
2. Pay off all debts
The debt snowball is another method made popular by Dave Ramsey. It is simply a way of paying off your debt from the smallest balance to the largest.
How we intuitively manage debt
Many people do not effectively manage their debt but juggle multiple debts with different terms and interest rates.
The most effective way to pay off debt is to focus on the loans with the highest interest rates first. However, research shows that consumers who manage mult...
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