Debt is the nasty little gift that keeps on giving. Constantly growing and taunting you with interest and minimum payments.
Left unchecked debt can spiral out of control. The good news is that there are lots of different strategies to help you tackle your debt. Many people have been in the same situation and they’re now living debt free. It just takes some planning and dedication to get out of debt.
Debt elimination is possible. Put debt in its place by doing these three things…
When it comes to paying off your debt there are two basic approaches. The trendy approach is called the debt snowball. The classic approach is called the debt avalanche.
For reasons that we’ll describe later in this post, both options can help you pay off your debt quickly. The key is to figure out which option is best for you and your debt situation.
Just blindly following one approach could leave you in debt longer than you should.
There is also a third approach called the snowball/avalanche hybrid that takes the best of both methods.