My favorite, Dave Ramsey’s “debt snowball” method of debt repayment helps you tackle debt when you need quick wins which in turn will keep you motivated.
The debt avalanche however is another beautiful metaphor to help you pay down debt. It’s more efficient and can save you money in the long run but it might be harder work. However, this time, you need to be self motivated since the task might be harder to accomplish.
What Is the Debt Avalanche Method?
This method focuses on paying off your highest-interest debts first, for example, your credit card debt. Also known as debt stacking and this method is great for people motivated by numbers but not so great for people motivated by feelings.
If you’re motivated by feelings, go by Debt Snowball Method.
Why Use the Debt Avalanche?
You will save more on interest over your debt in the long run!
And interestingly, will help your debt-free goals in much shorter time.
This is all theory until you put in the required efforts.
Do your best, pray for the rest!
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Categories: Book Review