THE CHEAPEST WAY TO PAY OFF DEBT USING THE DEBT AVALANCHE METHOD | DETAILED

THE CHEAPEST WAY TO PAY OFF DEBT USING THE DEBT AVALANCHE METHOD | DETAILED
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[BudgetTreasures]

Let's talk about how we can save money on our debt free journey by using the debt avalanche method 💜 I am giving detailed information with an example

[Simply_Me_AND]

I did the avalanche method. It was rough, I was making $1000, 1, 500, $700 payments until I paid all of them (5 cc). I had NO money for anything other than rent, car payment, insurance, gas, electricity, internet (I work from home 2 days a week ), cell phone and groceries. It was worth it to be debt free. But it’s not for the faint of heart.

[lisadearing]

I work in accounting so I know that the avalanche method is the best as far as saving money in the long run. However, I am the type of person that needs to see faster progress, so the snowball method worked the best for me when I paid off my credit cards. I like to be able to cross things off of my list! That helps keep me motivated to pay off debt.

Currently, I’m using the avalanche method to pay off my mortgage. I apply an additional $1400 per month to the principle. In 2 years when the house is paid off, I’ll start applying that $1400 towards my car payment.

[so.many.obstacles]

Avalanche was best for me. I tried snowballing it and it was a no for me. I paid off my car and two loans a year early doing this method. I was windmilling in that debt. I have one more loan to pay off and it will be done by EOY and it will be paid off two years early. I’m ending 2024 months 100% debt free.

[blessthesecoins]

Let me tell you I have fallen completely off. I am so stressed and depressed because I was doing so good. Now I am restarting everything. I hate that I lost my progress but life has lifed the hell out of me

[margobudget]

Years ago i started off with the debt snowball method to gain momentum then i switched over to the debt avalanche method

[catherinekuntz]

I like the snowball. It has the lowest balance but the highest payment and will be a good payment to pay off my credit cards

[paulahunt]

Could you please consider doing a video on **why paying extra on the principal reduce your debt and reduce your payoff date for loans, car payment and mortgage...

[_shannons]

In addition to the snowball and the avalanche methods, I think it's wise to consider the terms of the loan, in case there are any clauses that would accelerate the loan requirements (ie. does the 401k loan stipulate what happens if you leave or lose the job that manages that 401k plan).

[budgetingwithcammie-obpp]

Great video, I actually did the snowball method .When it came to high interest I did balance transfer.Bank of America had a 20 month interest free.
I definitely save on interest.
2 years later I’m debt free 😊
I would say anyone that wants to use snowball method, call around to different banks and see which one will offer the lowest on transfer fee also the longest on interest free
Happy budgeting 😊

[paulahunt]

OMG, thank you for doing 2 separate video on the methods. I would have been confused. This video was awesome. I could not do this method. I need to see success. Snowball method is for me.

[jenniferrosenthal]

I loved the snowball method because I needed that momentum but I understand this method works well for others.

[chanteewk]

Both ways work but to see your monthly outgoing cost go down sooner the snowball method works best for me. I not only wrote out all my debts in total but also what I pay monthly. I looked at the highest outgoing payments and I did a combo snowball where I tackled a large monthly payment debt while also tackling smallest debt to reduce my overall monthly cost. I haven't become debt free yet but I will!!!

[Allocatingmindset]

Wow! First time hearing about the avalanche method and ohh😅 Might do this 🤔

[deepick]

It’s def needed to move the debt and see what you spending good video

[darnellking]

You broke this down so well. Thank you

[jasminesmith]

If I haven’t said it already. I want to thank you sm for these informative videos and the examples that you give. I don’t have anyone that breaks things down to me. I’m going to be debt free! This is the start of my journey🎉

[ronniica]

I hate the idea of cleaning out my savings account to pay off a CC but at the same time I’m happy it’ll be more money I can keep from my paychecks

[conniekelly-hlqr]

My Daughter is doing this Method, Now i understand it more thank you for explaining it.

[miterca]

Ty for this vid! I used this method to pay off my debt. Made the most sense to me and money saved in the long run!