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Who this strategy is good for: Those motivated by small successes. Once you’ve repaid it in full, you put the money you were allocating to it toward the next-largest debt on your list. Getting a debt paid off in the shortest time possible is a good motivator that could help you stay on track.Īs with the “avalanche” method, you make the minimum monthly payment on each debt except the one you’re focused on paying off. With the “snowball” method, you pay off your debts from smallest to largest. Who this strategy is good for: Those motivated by interest savings. Paying the most expensive balance first might be the cheapest way to get out of debt, but if you don’t end up sticking with this method, it won’t save you money.
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“So, once one card is paid off, you don’t eliminate that payment, but instead roll it over to the next card to accelerate the payoff.” “The key to this strategy is to maintain the $600 per month debt payment throughout,” Mancias says. Once that debt is paid off, you can use the funds you would have put toward that debt toward the next-highest-interest debt and eliminate it faster, since you won’t have as much interest to pay off. If you have, say $600 per month that you can budget toward your debt payments, you can focus the majority of those funds toward the highest-interest debt. Dennis Mancias, a former financial advisor with Symmetry Financial Solutions in San Antonio.
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This strategy is good for saving money, since you’ll have paid the least amount of interest overall compared with other strategies, says J. This is sometimes called the debt “avalanche” method of repayment. Make the minimum monthly payment on each, but throw all of your extra cash at the highest-interest debt. If you want to get out of debt as quickly as possible, list your debts from the highest interest rate to the lowest. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.ī is an independent, advertising-supported publisher and comparison service. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.īankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our experts have been helping you master your money for over four decades. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our goal is to give you the best advice to help you make smart personal finance decisions. Our editorial team does not receive direct compensation from our advertisers.īankrate’s editorial team writes on behalf of YOU – the reader. We maintain a firewall between our advertisers and our editorial team. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. What to do when you lose your 401(k) matchīankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Should you accept an early retirement offer? How much should you contribute to your 401(k)?