February 16, 2015
Paying off debt at an accelerated rate becomes easy when …….. Why should you do it?
Paying off debt at an accelerated rate becomes easy when …….. Why should you do it?
you make the payments automatic. That way, you don’t spend the money on more “stuff”.
When you see the debt shrinking and see yourself no longer owing as much on your debts, weather that be total number of small debts or as your debt as a whole shrinks. You should always strive to pay off your debts so you do not pay interest on that debt. The interest that you pay will make the debt grow, you want to kill the debt before it grows out of hand and you can no longer deal with it.
Paying off debt at an accelerated rate can become easy when you find a method, such as the snowball method (paying off your smallest debt first and then moving on to the next smallest)/avalanche method (paying off your debt with the largest interest rate first), that works for you and you stick to it. The faster you pay off your debt, the less interest you will be paying on it and the less it will cost you in the long run.
Those are fine answers everyone. Let’s recap.
(1) When you have a big goal it can and in most cases will, drive your daily habits. A big goal can make paying off debt quickly easy because you want to achieve that big thing in the future.
(2) Identify those goals and then start working back to achieve them over time.
(3) Create your future by taking responsibility for your life. YOU are the answer!