Snowball vs Avalanche: What Is The Best Way To Tackle Debt?

Snowball vs Avalanche: What Is The Best Way To Tackle Debt?

The new Borrowed Future uncovers the dark side of the student loan industry and exposes how the system is built to work against you.

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[damiansmith]

“How much wife does your debt have?” 😂

[macromancer]

Dave is completely correct in that the Snowball method works because attitude towards debt is behavioral. If it was all a math issue then Avalanche would be better. The great majority of people don't have a math problem. Seeing progress is more important.

[QingyangLi]

The best method is the one you can stick to until you reach your goal.

[lmelior]

You save more money if you follow the avalanche method, but many people find the snowball method easier because of the psychological gains. The good news is it sounds like their two highest debts are the student loans and car, and chances are those are lower interest rates anyway.

[aina]

Personally I prefer the debt mudslide. It's messy, but it gets the job done.

[EnglishTeacher]

Paid off around $40K over two years, but still have $20K left. $8K on a credit card and $12K on a three year zero interest loan. At least the $12K is a zero interest. Can't wait to do my debt free scream. I follow Ramsey and my wife does a good job listening to advice I share from Dave.

[doompod]

Avalanche is better if you can stay focused. Snowball works for most people though.

[IHateNicolasCage]

“All” I have left is 30k in Student Loans. That is my Debt Snowb-alanche.

[sackettfamily]

"how much wife does your debt have?" 😁 Lol I like that better.

[Raistlinsdragonclaw]

I am so annoyed with people who call dave with things they attribute to him that are not his

[mattrandall]

Just because you don't think the Avalanche is the ultimate strategy for most people doesn't mean its not a good strategy for some people.

[LIT]

Mathematically speaking the debt avalanche works better but you will see faster progress with the debt snowball because the lowest debt gets paid faster. Commitment is the hardest part. Dave knows what he’s talking about.

[azteca]

My husband and I have separate checking account (spending money) And a joint savings. Works perfectly for us.

[angelag.]

I'm basically doing the snowball and avalanche at the same time, so that works out! Ha!

[Rashaadthegr]

I paid off my car first. which was my highest debt. It annoyed me to have that bill the most so I started there. Then I did snowball on the student loans.

[jleal]

I did the debt blizzard. It worked awesome

[MartianAmbassador]

"No eating out." His wife isn't going to like that...

[crb]

I use debt hurricane method ( patent pending)

[djpuplex]

So the wife will have degree and higher income eventually. Oh boy don't get comfortable. Percentage of divorce goes to 80-90% territory.

[shadowsden]

Suzy Orman is the one who does debt avalanche, Dave Ramsey does the debt snowball