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How To Pay Off Debt in 2025 & FINALLY Become DEBT FREE FOR LIFE!
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Which method is the best way to pay off debt in 2025 - is it the Dave Ramsey recommended Debt Snowball, the Debt Avalanche, or is the Target Rate Method the one you should choose?
Being Debt Free is possible and these are the 3 best ways to completely pay off debt in 2025!
In today's episode, Matthew Pillmore, president of VIP Financial Education, discusses a big problem in the US - DEBT. Did you know that 25% of those in Generation X believe they will NEVER be able to pay off all their debt? That is a very startling statistic, but it doesn't have to be this way - there are ways out of debt.
Dave Ramsey's Debt Snowball Method is a popular one - it is probably the easiest to get in the habit of because you are simply paying down the lowest credit card balance first.
This gives you the quickest gratification since you're able to take care of your lowest account balances quicker, gaining momentum on your debt journey over time - hence the name 'snowball' method.
The Debt Avalanche Method is another popular one - it focuses on paying down the account with the highest interest rate first, and the account with the lowest interest rate last.
If put into practice, this method is mathematically better than the Debt Snowball method, as you will save money in interest paid over time.
The Target Rate Method is the one Matthew typically recommends as it gives you the most cash flow left over each and every month.
In this method, you start with the account that has the highest target rate, and end with the account that has the lowest target rate. Highest Target Rate is the highest minimum payment in relation to the current outstanding balance owed.
At the end of the day, the best method is the one you can actually follow through on - so find one that you can get in the habit of doing, get it in your budget, and do it!
--- --- ---
Timestamps:
0:00 - Trapped in Debt
4:28 - Is There Any Hope?
5:49 - Becoming Debt Free
Get one-on-one coaching with Matthew Pillmore:
Get your FREE Cash Flow Cruncher budgeting spreadsheet here:
It's way more than just a budgeting spreadsheet! Manage your finances completely and easily with the Cash Flow Cruncher, our gift to you just for being a viewer of the channel!
Getting into Real Estate? Check out the Real Estate Investment Analysis Worksheet, a FREE resource that helps you calculate whether or not a property will be a money-making machine for you!
Make sure to check out our social channels for more insight and industry news!
Disclaimer and Waiver — VIP Enterprises, LLC, its owners, officers, directors, employees, subsidiaries, service providers, content providers and agents (referred to as "VIP Financial Education") are not financial or investment advisers and not licensed to sell securities or investments. None of the information provided is intended as investment, tax, accounting or legal advice, as an offer or solicitation of an offer to buy or sell, or as an endorsement, of any company, security, fund, or other offerings. The information should not be relied upon for purposes of transacting securities or other investments. Your use of the information contained herein is at your own risk and results always vary. The content is provided 'as is' and without warranties, either expressed or implied. VIP Enterprises does not promise or guarantee any income or particular result from your use of the information contained herein. Under no circumstances will VIP Enterprises be liable for any loss or damage caused by your reliance on the information contained herein. It is your responsibility to evaluate any information, opinion, advice or other content contained. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, or other content. Furthermore, from time to time VIP Enterprises may earn an affiliate commission when a viewer purchases a product, program, or service as a result of our content.
#DebtFree2025 #HowToPayOffDebt #DebtPayoffStrategy
#DaveRamsey
Being Debt Free is possible and these are the 3 best ways to completely pay off debt in 2025!
In today's episode, Matthew Pillmore, president of VIP Financial Education, discusses a big problem in the US - DEBT. Did you know that 25% of those in Generation X believe they will NEVER be able to pay off all their debt? That is a very startling statistic, but it doesn't have to be this way - there are ways out of debt.
Dave Ramsey's Debt Snowball Method is a popular one - it is probably the easiest to get in the habit of because you are simply paying down the lowest credit card balance first.
This gives you the quickest gratification since you're able to take care of your lowest account balances quicker, gaining momentum on your debt journey over time - hence the name 'snowball' method.
The Debt Avalanche Method is another popular one - it focuses on paying down the account with the highest interest rate first, and the account with the lowest interest rate last.
If put into practice, this method is mathematically better than the Debt Snowball method, as you will save money in interest paid over time.
The Target Rate Method is the one Matthew typically recommends as it gives you the most cash flow left over each and every month.
In this method, you start with the account that has the highest target rate, and end with the account that has the lowest target rate. Highest Target Rate is the highest minimum payment in relation to the current outstanding balance owed.
At the end of the day, the best method is the one you can actually follow through on - so find one that you can get in the habit of doing, get it in your budget, and do it!
--- --- ---
Timestamps:
0:00 - Trapped in Debt
4:28 - Is There Any Hope?
5:49 - Becoming Debt Free
Get one-on-one coaching with Matthew Pillmore:
Get your FREE Cash Flow Cruncher budgeting spreadsheet here:
It's way more than just a budgeting spreadsheet! Manage your finances completely and easily with the Cash Flow Cruncher, our gift to you just for being a viewer of the channel!
Getting into Real Estate? Check out the Real Estate Investment Analysis Worksheet, a FREE resource that helps you calculate whether or not a property will be a money-making machine for you!
Make sure to check out our social channels for more insight and industry news!
Disclaimer and Waiver — VIP Enterprises, LLC, its owners, officers, directors, employees, subsidiaries, service providers, content providers and agents (referred to as "VIP Financial Education") are not financial or investment advisers and not licensed to sell securities or investments. None of the information provided is intended as investment, tax, accounting or legal advice, as an offer or solicitation of an offer to buy or sell, or as an endorsement, of any company, security, fund, or other offerings. The information should not be relied upon for purposes of transacting securities or other investments. Your use of the information contained herein is at your own risk and results always vary. The content is provided 'as is' and without warranties, either expressed or implied. VIP Enterprises does not promise or guarantee any income or particular result from your use of the information contained herein. Under no circumstances will VIP Enterprises be liable for any loss or damage caused by your reliance on the information contained herein. It is your responsibility to evaluate any information, opinion, advice or other content contained. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, or other content. Furthermore, from time to time VIP Enterprises may earn an affiliate commission when a viewer purchases a product, program, or service as a result of our content.
#DebtFree2025 #HowToPayOffDebt #DebtPayoffStrategy
#DaveRamsey
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