September 7, 2014

Two successful methods of debt reduction involve the debt snowball and the debt avalanche. What are they and how are they different?

4 thoughts on “September 7, 2014”

  1. Garrett Haag says:

    The snowball is when you try to start paying off your smaller debts first and build to the bigger ones, the avalanche is when you start from your biggest first, in both methods you should look to pay off your highest interest rate debts firsts.

  2. Mike Finley says:

    This is close, but Garrett is a bit off. Anyone else? Garrett?

  3. Garrett Haag says:

    The Debt Snowball method involves paying off your smallest balances first to create momentum and encourage you to keep slaying those debts. This strategy empowers you to stay on track by helping you view your debt as more manageable and less intimidating every step of the way. The Debt Avalanche method involves paying off your balances with the highest interest rates first. This plan prioritizes efficiency and aims to be the indisputably cheapest and fastest way to get out of debt.

  4. Mike Finley says:

    Nice job, Garrett. The 2nd try was spot on. Both methods can work. The key is to identify the right approach for you and then systematically make it happen over time. Take control!

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