Any suggestions regarding debt avalanche?
Date: Sun, 06/14/2020 - 18:13
I am paying off debts through the debt avalanche method. I have at the initial stage. So, can you please give me any suggestions regarding how should I proceed ?Any tips or suggestions?
Hello Keety!
Hello Keety!
The debt avalanche method targets debts with the highest interest rates first. This route may help you save time and interest over your debt payoff journey.
You will be able to save time and money by paying off your debts with the highest interest rate first by using the debt avalanche method.
Debt avalanche may be the cheapest and most logical route to becoming debt-free.
My Suggestions
My Suggestions
Make minimum payments on all your debts.
Once you have paid off the highest debt, roll over the amount to the next highest debt
Give yourself a small treat after paying off each debt. It helps you to stay motivated.
Lead a frugal life so that you can save a lot of money. You will need it to make extra payments.
I offer a tip if you can
I offer a tip if you can follow it. When you repay the highest interest debt, you can divide your monthly payable amount between 2 debt accounts - the highest interest debt and the smallest amount debt, if it's possible. This way, you can target 2 debts and stay motivated because you'll repay the smallest debt fast. This is a way to follow snowball and avalanche together.
