Category: Repay Debts

• February 20, 2023

  What is the Debt Avalanche Method?

  The debt avalanche method is a debt repayment strategy that prioritizes paying off debts with the highest interest rates first, while making minimum payments on all other debts. It is also known as the “debt stacking” method. Here’s how the debt avalanche method works: 1. Make a list of all of your debts, including the…
• February 20, 2023

  What is the Debt Snowball Method?

  The debt snowball method is a popular debt repayment strategy that involves paying off your debts in order from smallest to largest, regardless of interest rates. Here’s how it works: 1. List out all of your debts from smallest to largest, along with their minimum monthly payments and interest rates. 2. Make minimum payments on…
• February 20, 2023

  Here are 10 effective ways to pay off debts:

  1. Create a budget: The first step to paying off debt is to create a budget that accounts for all your income and expenses. This will help you identify where you can reduce your spending and increase your debt payments. 2. Use the debt snowball method: This strategy involves paying off your smallest debt first…