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When it comes to how to create a debt payoff plan, there are competing theories as to which is the best way to do it. Many subscribe to the “debt snowball method” where you start by paying off your smallest balance first. The other popular method is to pay off the balances with your largest interest rate first.
Which one is right for you?
I took an in-depth look at both debt payoff methods including a couple of examples. But before I get to the results – the most important thing in paying off debt is that you make it a priority! While you are learning how to stay debt-free and pay off your debt, you will fail 100% of the time if you’re not committed.
How to Create a Debt Payoff Plan:
Debt Payoff is a big deal these days. According to this recent study by Nerdwallet, a quick glance at the financial situation of the average American family will explain why:
The total credit card debt is $915 billion
Total auto loan balances are $1.36 trillion
Total student loan balances are $1.55 trillion
That’s a lot of debt people! But you don’t have to be a contributing statistic to our country’s debt epidemic. Speaking from experience, getting that debt paid off is awesome. The most surefire way to get it done is to HAVE A PLAN.
What Is the Best Debt Payoff Method?
For this debt payoff method comparison, I created a couple of “portfolios” of debt. I also created a gigantic spreadsheet to help me create debt payoff plans using both the debt snowball debt payoff method and the highest interest rate first debt payoff method.
One of the scenarios is somewhat realis… Read More
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