How To Pay Off Debt (Debt Snowball vs Debt Avalanche)

[@WhiteBoardFinance]

*Which method do you think is better?*

[@amaze652pk]

Avalanche is the better of the 2 IMO. Great video and useful insight I will definitely apply to my lifestyle. Can you please send me the link to the spreadsheet. Thank you

[@hillie47]

Strongly depends on the amounts and the interest rates. If your biggest debt has a high rate and you focus on this, it might be best for the avalanche and interest payments, but the psychological effect of killing sequences of debts is reduced. It really depends on the situation of course. Ramsey's argument is that the success of paying off debts counts higher than the interest payment, as most of his cases didn't start out sensibly anyway. If you have $20K or $30K credit card debt against 15% to 25%, you're already not the sharpest knife in the block, so getting to success seems more important than saving a buck on interest that doesn't need to be paid. As others have said, from a mathematical point of view, the avalanche makes sense. But there's a reason that people end up in these situations and that usually is nothing about making sense and all about making bad decisions and sticking your head in the sand. I think the Ramsey approach (small successes first to build towards bigger ones) is helpful for these situations.

[@WhiteBoardFinance]

It's in the description

[@WhiteBoardFinance]

Well said

[@RealLifeMoney]

It really depends on the person. Generally speaking the average person can benefit from the snowball method better imo

[@hiitsme5760]

Sick of being stuck in debt constantly paying for stupid decisions I’ve made in the past day 1 man coming back here to update thanks for the lesson bro

[@GrowthePiggyBank]

Informative! I used the debt snowball to pay off $25k with a $35k income in 1.5 yrs. no matter how u do it, it’s worth being financially free!

[@WhiteBoardFinance]

That's Awesome!! Great job

[@Defy_Convention]

Wow nice job!

[@RuffPackt]

That’s inspiring bro

[@truegrizzlesfan2292]

You had help. Math says that impossible. I am ASSUMING you live rent free and someone drive you to work. Correct me if I am wrong... If you not paying rent it's equal to making 50k plus

[@jlshoem]

Many years ago, I paid off a car loan. I was so happy to have that money available. Then, it hit me. I was used to paying for the car loan. So, I started paying myself, instead. I put that payment in my savings account every month. In less than two years, I had the money to buy a new car, but I didn't. I didn't need a car, and my savings kept rising. Every time I would get a raise, I would add that additional amount to the mortgage on my house. I paid the mortgage off several years early.

[@OwninFools2020]

help me lol. im making more money than i ever have been and its getting to my head, im 13K to being debt free but i keep looking at the next most expensive thing

[@davidreus9321]

Big ups to everyone working effortlessly trying to earn a living while building wealth. I am 50 and my wife 44 we are both retired with the net worth of over $3million with no depts. Currently living smart and frugal with our money. Saving and investing lifestyle in the financial market made it possible for us this early even till now earn monthly through passive income.

[@alyciagordon3447]

What kind of investment do you make? I totally agree with you. I have a lump sum that does almost nothing in a savings account. But it is difficult for me to participate in certain types of investments at the moment due to the full-time nature of my job. It will be way too stressful to combine so I don't even think about.facing it.

[@davidreus9321]

@@alyciagordon3447 Generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through especially in asset picking. I operate with (Alexandra Diana Jose) a consultant who partners with a licensed wealth management firm. For the record, the experience has been the best for my finance. She made me financially stable investing through her help, now I earn on a monthly basis through her passive income strategy... So I'd advise you do get a good investment advisor for yourself.

[@alyciagordon3447]

@@davidreus9321 please how do i get in touch with her. Impressive. Would you mind sharing some more details. I’d like to have a talk with her.

[@davidreus9321]

@@alyciagordon3447 She is easy to find , make a quick research of her on the internet with her name Alexandra Diana Jose . She works with anyone independent of their location.

[@clintonjames8586]

Tnx for this info, I just looked up your investment professional and found her page. Her experience is pretty impressive. I wrote her and I'm waiting on her reply.

[@katiecano9847]

Thanks! I will be using these spreadsheets

[@WhiteBoardFinance]

Enjoy!

[@jack_k2136]

I appreciate how you cut out all the nonsense and get right to the meat of the lesson/issue in easy to understand language and concepts. Thanks for all your effort.

[@WhiteBoardFinance]

My pleasure I appreciate the kind words

[@briankrause2359]

You know I have to give you props... Not only do you have a very personable presentation style, but you speak plainly/clearly without over complicating anything, so you are always easy to follow. I'm in my 50s, and am well into being 'set' thankfully, BUT, I still really enjoy your videos as you just seem to legitimately care about what you are doing and it come across as authentic. Given ALL the YT content that is garbage, it is so refreshing to see somebody doing something that seems to be a labour of love, but also helping complete strangers as well. Big props to you Marko, I really like your stuff and have subscribed. I really think you have a great way of presenting data clearly that speaks to (what I perceive at least as) 'average joes' without talking down to those you are helping. Keep it up.

[@WhiteBoardFinance]

Thank you Brian!

[@GeorgeAusters]

As dave says though... If you think its a math problem then you wouldn't be in debt to begin with... It's a behavior problem that you think its okay to get into debt

[@WhiteBoardFinance]

Agreed. Personal finance is 90% behavioral, 10% math.

[@Busseco]

two times i went into debt, and used both methods. Snowball seems much better, bcz each time we pay, some of the accounts removed from the list and we don't think of that. It give sort of satisfaction and progression.

[@buddyrevell5885]

Thank you for providing the calculator to determine the difference, snowball vs avalanche. I'm seeing so much advice about why snowball is recommended, but seeing the raw savings using avalanche I find it even more motivating so I'm choosing that method.

[@fatherleo4603]

When you are debt free, you are rich

[@mkblgr]

Right! You don't have to be "wealthy" to be rich!!

[@chrisrstt]

Not at all

[@vbuen323]

Not if you have kids and pay child support....oooooffffff!

[@edencortez3245]

Not really

[@Mudokvlogs]

Agree

[@JimmyKn1ves]

The snowball worked for me! Debt free as of January 15th 👌

[@WhiteBoardFinance]

Congrats!

[@ComicCulture]

Congratz! I'm just starting this journey so I'm looking forward to being in your position!

[@JimmyKn1ves]

@@ComicCulture good luck!!

[@JamaicanMeCrazy]

Boom

[@rayofsunshan]

Congratulations!

[@starotek-gh6459]

this is my first time watching you but am reaslly impressed with your videos

[@Enrique-fh2hn]

For people who struggle to save, I'd try the snowball. For people who can control themselves financially, the avalanche works better imo

[@WhiteBoardFinance]

well said

[@RealLifeMoney]

That’s a very good distinction. Yet if one is good with their finances they shouldn’t have much consumer debt to begin with 😝

[@ttgsushi5767]

If you are financially in control then you wouldn't have to pay off debt in the first place.

[@Literallylinda]

I like how you clarified that. Thank you. Debt snowball for me, then.

[@13statistician13]

It's not a matter of opinion. It's a fact that the avalanche works faster and costs you less in the long run.

[@alejandroorozco864]

how about an update video on how to choose a creditcard?

[@WhiteBoardFinance]

Will do

[@MrTeamshellshock]

The white shirt with white background is a good look lmao. keep up the vids crazy how fast much this channel has grown

[@WhiteBoardFinance]

haha I feel like a floating head. Gotta start wearing darker colors! Thanks for the kinds words

[@PapaSancho666]

I had heard of this method before and I can attest this method truly works. The emotional boost you get when you pay something off is also a good feeling. Pay off debt, minimize new debt, save as much you can..enjoy your life. Cheers

[@BachBeethovenBerg]

The other advantage to debt snowball is it frees up minimum payments quicker and so it reduces your risk if something were to happen like you have an unexpected expense or lose your job.

[@Rot05]

More like, CC 12k, Auto 40k, Student 135k. While making 34k..... That's a more realistic view on the average person sadly.

[@WhiteBoardFinance]

Agreed

[@Rot05]

@Tahkeem Hilton2.0 I was just giving a realistic example. I hear people doing stupid things with money when they call into Dave's show. I use to also see a tax return as a bonus but it is the complete opposite. That is money you could have used to pay off debt to minimize your debt growing with interest. That debt free money that could have been invested and grown to a larger sum. The system is so messed up that even if you fill out your W-2 per the instructions it will still be wrong. Dave has told people in some circumstances to put down dependents even if you have none just to adjust it correctly. The idea is to get or owe $200 or less when tax time rolls around.

[@hulagu79]

What kind of a major costs 135k student loan and makes only 34k a year? They should have think better before they get whatever major it is.

[@jessicaroberts8090]

34K, with 3 growing children...

[@Rot05]

@Alimah B No it's not. Listen to Dave Ramsey's show. You will be shocked at how much debt people have and how small their shovel is (Amount they make per year).

[@TiffanyChristopher]

I would definitely take care of that 18 thousand percent apr CC first... :)

[@monte5621]

Thanks,..... youtube's Tim Tebow!

[@WhiteBoardFinance]

lmao!

[@juanfersan]

Exactly 👍

[@SalemPhiladelphia]

was thinking the same

[@peaceofmind6141]

Tim Tebow really starting to show off now😂

[@DeparturesCapital]

Great Video Bro!!!! E55 AMG car loan is always the best kind of debt! Lets go baby!

[@WhiteBoardFinance]

Lololol

[@corneliuswhite5139]

I guess if you got the idea from Ramsey, you have to mention him, but his sanctimony really turns me off. I prefer your delivery. Thank you (my comment, my opinion 😉).

[@WhiteBoardFinance]

I appreciate that

[@lawrenceculbreth-thomas4119]

One of my favorite channels

[@sandimarielavati2354]

Lawrence Culbreth-Thomas Mail him on [e-mail] or [phone] on WhatsApp (he does not take upfront payment) if you need help about forex trading , Bitcoin hacking your PayPal,credit score fix, bank account,phone hack (cheating husband or wife ) western union hack,money gram,credit card hack,instagram verification, facebook and many more.. His fast and reliable .

[@MisterTutor2010]

Occupation: Postdoctoral Fellow in Cancer Research Salary: $47,800 per year May 2016 Balance: $51,000 October 2019 Balance: $9,720 Earliest Zero Balance Date: July 1, 2020

[@dmasterz8924]

I use both! In the past, if I have numerous accounts with balances, then I start with snowball. Once I have knock some out, then I switch to avalanche approach.

[@WhiteBoardFinance]

Nice!

[@horsewithnoname12345]

That’s actually a very smart idea

[@danjah2003]

Yup!! I have used both also!

[@kylethacker4421]

I’ve been working doing that same exact thing. Only because I have 3 CC’s with low limits that have “high balances” but the high balances are actually not much at all but it really impacted my credit utilization. So I’ve been knocking those out quickly while my Credit score is going up significantly and then my 2 high balance accounts will be my only debt and I’ll get those paid off within a year

[@ZacharyLaid]

Avalanche > Snowball ; logically speaking.

[@justshady]

Zachary Laid Finding Freedom but getting into debt is not logical in the first place.

[@ZacharyLaid]

@@justshady depends why you got into it.

[@WhiteBoardFinance]

Mathematically yes you are correct

[@Livesinashack]

This is why I like Marko. He gives you two alternatives, and then tells you which he prefers. Rather than Dave Ramsey who thinks you're stupid unless you do what he tells you in the exact manner he tells you to do it.

[@WhiteBoardFinance]

Lol thanks

[@manuelabaffour1274]

Man you are amazing. I just found this video as I was searching for ways to budget your finances as a 21 year old. You don't understand how much I appreciate this. I can't afford a financial advisor or to go back to school and do finance. This is eduacation for free. I don't know you well Marko, but I'm gonna make you proud.

[@AndresEmilioSotoRealEstate]

TY for this

[@fuchocof]

Omg, I think its gonna be my first comment, really like your videos, keep up the good work thanks for the tools and info

[@WhiteBoardFinance]

My pleasure Rafael!

[@chrissystewart6268]

Thanks for the info as an Entrepreneur I do want to learn on financing , time management & smart goals

[@gongshow87]

Sweet where did you get that cool shirt?

[@WhiteBoardFinance]

My wife buys all my clothes. Most likely TJ MAXX lol

[@gongshow87]

@@WhiteBoardFinance that's unhelpful but thanks for the reply and great video!

[@triple7441]

Marko - WhiteBoard Finance tjmaxx is who got me into debt, my wife wouldn’t stop buying stuff from there🤯😂

[@skaterchuckpdx]

Avalanche makes the most sense if you have both high interest cards and a strong discipline to pay them off first. That's what I'm going to try on $50K of debt. Especially when I'm getting charged $400 per month in finance fees on a 16% cash rewards card.

[@MS-ql8ek]

Awesome video, u got a sub

[@WhiteBoardFinance]

Thanks!

[@gehadqaki]

Great video

[@wordsofmichael1111]

The wood ceiling in your house is sick. Thanks for the info

[@martinezmartinezrabergmailcomf]

martinez is legit and reliable. Have worked with him some months back and believe me he’s one of the legit hackers he’s the best if you need help with credit score fix he helped with my credit repair...

[@bobmo7141]

Great debt payment method

[@sandimarielavati2354]

bob mo Mail him on [e-mail] or [phone] on WhatsApp (he does not take upfront payment) if you need help about forex trading , Bitcoin hacking your PayPal,credit score fix, bank account,phone hack (cheating husband or wife ) western union hack,money gram,credit card hack,instagram verification, facebook and many more.. His fast and reliable .

[@sandimarielavati2354]

bob mo Mail him on [e-mail] or [phone] on WhatsApp (he does not take upfront payment) if you need help about forex trading , Bitcoin hacking your PayPal,credit score fix, bank account,phone hack (cheating husband or wife ) western union hack,money gram,credit card hack,instagram verification, facebook and many more.. His fast and reliable .

[@PhD4me]

Ooohhhhhhhh.....I completely get it now. I've been trying to pay off highest amount first. That's getting me no more. I'm switching methods to snowball. Thanks

[@WhiteBoardFinance]

Highest interest rate first is mathematically correct

[@PhD4me]

Marko - WhiteBoard Finance I'm starting my journey to financial freedom this week. Your videos are very helpful. I thank you for imparting your knowledge. Would you ever recommend filing bankruptcy?

[@70chevynova]

Thank you so much for this new tool!

[@Markdodge126]

You could do modeling

[@WhiteBoardFinance]

Lol no thanks

[@Thejacemiller]

So valuable, thanks

[@lukeleon1203]

Yeah MARCO ! The Dinero master !

[@TheWealthElevator]

The debt snowball method is effective, yet investing in assets such as rental properties or syndications might be a more strategic use of available funds than debt repayment. Targus primarily targets individuals with lower net worth who are burdened by debt. However, for those with a net worth exceeding $1 million, it's often more advantageous to focus on wealth accumulation rather than debt elimination. Repaying debt is not necessarily synonymous with achieving financial freedom.

[@danielslc88]

to summarize it, you pay off the debt with higher interest first?

[@WhiteBoardFinance]

Yes

[@sakalcham]

Thank you!

[@WhiteBoardFinance]

My pleasure

[@MindBodyStorm]

⛩️This matches perfectly with the Kaizen approach to goal setting‼️

[@jahgsdjashdu]

Nice work 👏🏻

[@BrentInvesting]

Debt Avalanche For Sure, I would go with high Interest first, vs smaller portion payoffs. I have 0 Debt outside of Mortgages & 1 Car and have never carried anything outside of that, CC is paid off money, and no Student Loans. Good Video Marko - Channel is really blowing up :-)

[@WhiteBoardFinance]

Awesome! Thanks I appreciate that 👍

[@bar8665]

"1 car" could mean 1k or 75k

[@BrentInvesting]

Matthew true true, it’s a 6k Loan :-)

[@CalebOliver]

*THANK YOU! ***

[@chinwemaduka2430]

Great content.

[@diwang6761]

I'd definitely use the one that saves me more money. Thank you!

[@gush5465]

Excellent video Marko !!

[@sandimarielavati2354]

Gus H Mail him on [e-mail] or [phone] on WhatsApp (he does not take upfront payment) if you need help about forex trading , Bitcoin hacking your PayPal,credit score fix, bank account,phone hack (cheating husband or wife ) western union hack,money gram,credit card hack,instagram verification, facebook and many more.. His fast and reliable .

[@williamg.686]

Wow didnt know about the avalanche method. Very helpful

[@nickheistan1]

Wheres the link for spread sheet?

[@donnanjessie4127]

Nick Heistan Just got my debts paid off a total of 34k usd ..Text tony on [phone])

[@pparker768]

Great work Marko. Thanks.

[@WhiteBoardFinance]

My pleasure thanks for watching

[@nav5897]

Great service thanks for sharing.

[@nosheenansari450]

Thank you so much. I learned to manage my finances.....

[@anubisgod23]

I think it really depends on who you are as a person. Being in debt doesn't automatically mean you're not fiscally responsible or intelligent. People with discipline and financial intelligence are definitely better for avalanche. But people who struggle with money and understanding it its probably better to do the snowball

[@CalebOliver]

Good Stuff Bro! 👏🏾👏🏾👏🏾

[@mbinkaradelinevenyuy9029]

Waooohh I was so lust in management of finances but now I will go in for the snow ball method. Thank you

[@Jasongy827]

I need to get myself out of debt 8k in debt I made choices in my early 20s now as I am older trying to paying those off, and I was living in a high rent environment. Now, I moved have a good job that pays me well, now slowly paying off those debt

[@SuperJchen]

I’m mortgage free as of Aug 18 Car loan free as of July 2015 Student loan free as of Aug 1995

[@WhiteBoardFinance]

You're living the dream!!

[@choumoua5775]

Thank goodness I saw this video, I'm going to use these methods to pay off my debt!

[@videovegasboyer466]

Thanks for the lessons!

[@WhiteBoardFinance]

My pleasure!

[@lazznotjustauniformanalyst65]

Great informative video. Where's the link? 😮 I do need help with this. 😊

[@hasanalothman27]

can you do a vid on how to calculate vid Sponsered on youtube, how much should they pay you? thanks

[@shyamtaneja4046]

This video is very important for everyone person who has Debt 👍

[@heyzeus6149]

Debt snowball, Dave Ramsey always right don’t waste your time on anything else

[@wesley8624ify]

I am a big fan of Dave ramsey. I understand that what he teaches is for your everyday person to succeed....but if your a disciplined person this method works too.😎

[@the.daily.dollar]

do both and get rid of that interest and lets kill it out there 🤘

[@WhiteBoardFinance]

Agreed! Thanks for watching

[@jamieb7342]

I don't see the link? Thank you for easy to understand vid.

[@martinezmartinezrabergmailcomf]

martinez is legit and reliable. Have worked with him some months back and believe me he’s one of the legit hackers he’s the best if you need help with credit score fix he helped with my credit repair...

[@dougz2855]

Thanks for the info. Subscribed and shared!

[@mdw000]

This helped so much!!! Thanks

[@bmwf800r7]

Great video, snowball method I think it's better

[@WhiteBoardFinance]

I like your username

[@bmwf800r7]

@@WhiteBoardFinance thanks, I love my bike

[@WhiteBoardFinance]

I had a DR650 my dad had a GS

[@AndrewSalinass]

SO HELPFULL BRO!! Appreciate it!

[@sandimarielavati2354]

Martinez is legit and reliable ( NO UPFRONT PAYMENT) Have worked with him some months back and believe me he’s one of the legit hackers he’s the best if you need help with paying off debt ,credit score fix , credit card ,bank account,phone hack, PayPal hack . Contact him on [phone] via WhatsApp Mail him on [e-mail] You can check there website newlogicsolution.com

[@JanMan37]

I think a balance of both is the best. For lower principal debts the psychological effect of killing them off can be motivating. For higher debts such as car loans and student debt, I think the avalanche method makes most sense.

[@frankiegunnz8066]

Thank you for the detailed explanation. 👍

[@paulineohea175]

Just new to this channel, have subscribed, cannot stop watching all videos, have completed my snowball spread sheet. Thank you so much

[@Production-jh7sq]

Make a video about child support

[@droach5241]

I love your channel! I literally see the topic of your videos and my eyes light up! Your putting out some real informative shit!

[@jeanribou55]

Keep it up marko!! Thanks man

[@WhiteBoardFinance]

Thanks!

[@weinbergmortgage]

Debt Avalanche. Great info!

[@WhiteBoardFinance]

Thanks!

[@ComicCulture]

such a great video. thank you

[@WhiteBoardFinance]

thanks for watching please share :)

[@xxryu139xx]

great video! i've been using a similar method to the snowball method, but it so happens that the interest rates fall in order from low to high also. thanks for confirming my method is correct. now its just a matter of time and patience.

[@WhiteBoardFinance]

Thanks Ryan

[@TheOceanJames]

I am a Dave Ramsey fan, and I'm a huge fan of yours! I am not in debt. But I owe myself several millions of dollars 😀 Best regards, my bro *Walsh Financial*

[@WhiteBoardFinance]

Thank you!

[@TheOceanJames]

@@WhiteBoardFinance I created a youtube channel 'Walsh Financial' and I will be posting content soon, and giving you huge shout outs. I'm extremely budget minded. I even told several coworkers about your channel. I have wanted to do whiteboard-structured videos ever since I started watching yours. I'll try to at least keep the substance original, and to promote you.

[@WhiteBoardFinance]

wow that means a lot. best of luck to you and your channel :)

[@TheOceanJames]

@@WhiteBoardFinance Thank you!!!! It's so nice to actually talk to you. I'm sooo excited to express my creativity and to "meet" other youtubers (online) and to help people with personal finance. I have about 300 subs on this channel for previous vlog videos, I have taken about 2 years off and set my videos to private. I needed to regroup and increase my personal security and limit private, personal details. Peace ✌

[@DaveNatandSalem]

I'm utilizing the debt snowball on my Ford Escape payments. We moved all our van payments (paid off in the fall 2018) onto the car payments. It's working great! Instead of $244/mo, paying about $400. And that payoff quote is getting smaller quickly!

[@WhiteBoardFinance]

That's what we did for my wife's ford escape payment lol nice good job

[@shortstorybingo]

This was great, thank you!

[@veronicacuello9890]

The first one you have to pay is the one calling you all the time.

[@WhiteBoardFinance]

Lol

[@emilybutler1152]

I feel that

[@MikeRey785]

Or come to your house

[@amazingmelon5899]

Thanks 👍

[@cameronweston1762]

Thanks bro; question for ya. With all my credit cards and bank statements, now being online and almost instantaneous and showing registers and all that stuff what is the point of Quicken? I thought about investing in that software but frankly, I cannot see the point of it.

[@CrazyPerfectionVids]

The auto loan at 2k principal and 4.7 percent acrues 94 dollars in interest while the student loan acrues 90 in interest. Shouldnt you tackle the auto loan until the student loan is better to tackle? An extreme example: 50,000 auto loan at 3% and a personal loan of 1000 at 5%. That auto loan is definetly accruing more interest isnt it? So mathmatically getting rid of thr personal loan is not the most efficient route?

[@marioconde3815]

The best personal finance channel ,Thanks a lot bro

[@WhiteBoardFinance]

My pleasure Mario thanks for watching!

[@cristianmitran8620]

This is one of the most useful videos on the net. I have a friend with a mortgage that it will be paid off in 25 years and a car loan for 60 months (yeah, not the 20/4/10 rule ik), so I shall share this video with him. Thank you, Marko!

[@carolismyname333]

Great video, thanks so much!! I’m going with avalanche method.........also helps it’s one of my smallest balances too so win win

[@Sir_Ken179]

At this point I only have 1 CC and an auto loan but I was able to do a balance transfer to a new card with 0% interest for 14 mo. The card when I started was at 2781 @ 0% and my auto loan is at 10,700 at 3.49% currently with a 252 a month payment. If I pay 200 a month on the card I wont pay any interest within those 14 months and ive already done 2 payments. Should I just knock the card out as fast as possible even at 0% interest and then focus on the car or continue to do 200 and everything else thrown at the car?

[@WhiteBoardFinance]

Knock it out

[@Sir_Ken179]

@@WhiteBoardFinance Cool Thanks!

[@keishabrown5930]

Hey Marko....thanks for the videos! I am new to your channel and I have a question about the snowball method. So my credit cards are the least amount of debt for me and then it's my car and then my student loans. I wanted to know: once the card balances are gone (I have 3 cc btw), do I close all of the accounts or do I keep them open? I was once told that closing the accounts can have a negative effect on your credit score. Please let me know. Thank you so much!

[@carolray9156]

I want to know that too! I've checked around and for me I need a much better credit score so I'm paying my credit cards up to zero and I am keeping them open because I need to refinance my car before I pay it off. Paying my credit cards to zero will give me a zero utilization percentage which will raise my credit score so it will be easier for me to get a low percentage when I refinance my car than I'll pay off my car. In the end I will close Three credit cards and keep 3 open. It's almost impossible to get any kind of loan with bad credit or no credit so I myself need some cc even if I don't use them. It was really hard for me to get cc to begin with, so I'm keeping 3 open with zero balance.

[@flowergrowersmith449]

I'd say the debt snowball is the best. You get quick wins with it. I don't think interest rates matter much if you're going hard at paying off debt. But psychologically speaking, I'd vote for the Ramsey snowball.

[@WhiteBoardFinance]

I agree

[@fitmymoney5582]

Only working with your mind and trying to change your thoughts and attitude to money will help to avoid debt and finally become financially independent.