Debt Snowball Vs Debt Avalanche | Which is the Best Debt Payoff Strategy?

Don't skip the most important strategy for paying off debt quickly.
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[@donnawashburn1638]

My husband is collecting SS at 65 this year we’re using this money to pay off debt and in 5yrs when I collect SS we’ll be debt free ! We are using this method for doing that !

[@meljordan220]

The avalanche method is good if you don't get discouraged easy. For many people they have greater success with the snowball simply for the quick reward they get. Given the examples of bills above, you would have your first win in 3 months instead of 3 years if you arrange it smallest balance paid off first. Like he said it just depends on the emotional encouragement that paying off debt will bring. If that part does not affect you then the avalanche would be better.

[@journeywithme_erika1890]

This is so true. Spending fast!

[@Growing-Our-Retirement]

Totally agree with attacking the higher rate debt first! Combined with a spending “Fast” you can move some debt mountains. Great video!

[@rickbackous1041]

The wife and I have never had a credit card debt, but we applied this method to the rest of our loans when we got married back in 1981. We had relatively modest jobs and we managed to pay everything off and have lived debt free since 1993. We were even able to save and invest through this time but imagine how much we started investing when all the debt was paid off. Retired at 59-1/2 and living very comfortable with no pensions.

[@bryandonnaud6197]

Always great!! Your a good guy and I'm glad your on our side!!

[@ethanwaynebell]

Loved the video!

[@donnawashburn1638]

People need to realize to get credit cards payed off they have to stop using them when there paid off rip them up through them away to be debt free!

[@nancyadams9426]

This is very helpful. Thank you.

[@wendykornfein3337]

Thank you.

[@Businedu]

You never miss 🔥

[@davidjsouth231]

I have one credit card I’m using the snowball affect, wife has one car loan, her student loans, I have a car loan under my name but my daughter is responsible for that because it’s auto pay. Auto debit from my account and auto deposit from her account. She knocked 3 years off her loan with a lump sum payment up front. I’m planning on 5 years minus the mortgage on student loan since she’s on the public servant student loan plan Home loan

[@bgroovin1343]

Can't find your video about opportunity costs with paying off a mortgage.

[@donnymac575]

We be better for my ocd to list the highest interest rate first, followed by the next highest and so on. Not listing them in order, from highest to lowest, is mind numbing.

[@possle]

Does the snowball method apply to 0% interest debts (0% balance credit card)?

[@FinancialFastLane]

Yes, it ignores interest rates completely.