Does debt keep piling up with no end in sight? You know you need to do something, but you barely get by as it is. As impossible as it may seem, you can pay off debt when you’re already on a tight budget:
So, to summarize…
- Utilize the debt avalanche technique. Developed by famous financial guru, Dave Ramsey, the debt avalanche approach to slicing away at debt is simple. Tackle your largest credit card account with the highest interest rate first. Then go down the list until your debt balance is at zero. This may not be the quickest method, but over time, you’ll be paying less interest on your remaining debt.
- Approach debt with the snowball method. The snowball method goes after the smallest amount of debt first. This gives you a feeling of accomplishment, pushing you forward to reach your financial goals.
- Cut costs and start saving. Take a look at what you’re spending and cut those expenses. Stay in, pre-plan cheap meals and eliminate any extra household bills, like cable and entertainment. If needed, get a side gig to help attack your debt load.
No matter what choice you make with paying off debt, sticking to a plan is the only way to be successful. You can free yourself of burdensome debt. Chip away at it where you can, and you’ll reach your financial goals in no time.
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