Ready to eliminate your debt? It would be best if you had a solid repayment strategy. Some proven methods help you pay off debt faster and save on interest. Let's talk snowball, avalanche, and other ways to help you repay the debt more quickly.
Debt Snowball Method ⛄
The debt snowball is all about paying debts from the smallest to the most significant balance, no matter the interest rate. List your debts from smallest to largest, keep making minimum payments on all, and throw any extra cash at the smallest balance. Once it's gone, move on to the next smallest, and so on. The snowball gives you a mental boost from quick wins, keeping you motivated. The downside? Pay more interest than with other methods.