The 2 Methods To Pay Off Debt

The 2 Methods To Pay Off Debt

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[kiwasamuels]

I recently just paid off 4 depts! And the last payments all feel on the same day! It was an amazing feeling to know I don’t have to worry about them anymore! Snowball method all the way!

[PhillyTechCheck]

Snow ball is better also because it gives you confidence to see that it’s possible to get out. Once you lay of a few lower credit cards and you see it, you want to work harder to tackle the big ones!

[aqueen]

I prefer the debt tsunami, which is paying the debts that are most emotionally taxing first. This was easier for me than either of the ways you mentioned. I’m surprised more people don’t talk about it.

[angelapate]

Absolutely right. Those wins of paying off the smallest, quickest balances have helped so much with my mindset.

[ThatGuy-vkfe]

"Do whatever works for you, here are a couple ways, debt snowball and debt avalanche" *explains* - video over. 😅

[BiesingerFIREJourney]

Totally agree! My wife and I used the debt snowball to pay off 56k in student loans, this method worked for us because it kept us super motivated and see real progress ☺️

[sbodel]

Thanks Rachel! That’s what I’ve used and worked for me. xx

[truckerstar]

Well they both work. You just gotta be committed to pay debt and follow the plan. It will also depend on your amount of debt and your monetary situation. Debt snowball seems to have more results because of people lack of discipline and motivation when it comes to swing results on the long term as on the debt avalanche.

[briannielsen]

When the debt is paid off it's easy to save money.

[milasrealm]

Perfect 👌 thank you for your Advice and motivation Rachel!❤

[KaMaRelax-utqb]

What about if I have only one debt, which is too huge. How to tackle that?

[amyhussain]

I am going to follow snowball method 😊

[ghfan]

I like the slight tweak of pay off the one that stresses you out the most first, regardless of balance or interest. It still has the psychological benefits but you don’t have to sit around for a year or many years waiting for the time to attack the one you hate the most. For instance, we prioritized my wife’s parent plus loans over the loans in her name, even though the balances were lower. The parent plus felt like owing money to her parents, so paying them down was way more relieving than any of the loans we paid off in her name.

[maddcharity]

I’m doing both the smallest but highest interest. Then I will go to the highest. I say pay off the ones with the most fees like annual fees and then cancel them

[tjf]

Rachel looks like she could be Mandy Moore's sister

[TotalWealth]

If you are struggling to make the minimums, there is a method to negotiate lower payments and interest rate—WITHOUT trashing your credit for 7 years with debt settlement!

(I teach it The Debt Cure.)

[kylep]

Meanwhile, my 11k debt with a 29 percent rate...

[Data_Science_Weekly]

"Regardless"? What of I have a $10, 001 pay day loan and a 0% interest $10, 000 student loan.... do I pay the student loan first?

[DayGoals]

Velocity banking is a smart way!! Do u talk about that?

[GreatestAverageMan]

This doesn't work for me. I prefer seeing how much interest I saved.