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14. The Debt Avalanche vs. The Debt Snowball Method
Manage episode 375464567 series 3452383
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Today’s episode is about two different ways to pay off debt the quickest: the Debt Avalanche and the Debt Snowball methods.
If you've been tackling your debt without a specific strategy, don't worry - you're still doing great! But if you're looking to maximize your savings on interest and pay off your debt as efficiently as possible, then this episode is for you. We'll discuss the pros and cons of each method and how they can help you achieve your debt-free goals.
If you have heard of either one of these before, you may be wondering which one is best. Even though there is not a right or wrong method, I will be walking you through what each method is, explaining how they work, and let you know which one I followed to pay off $53,000 worth of debt in twelve months
In this episode I share:
- What is the difference between the Debt Avalanche and the Debt Snowball methods?
- Some pros and cons between the two methods
- How do choose which method is best for you and your financial situation
- The method I used to get out of debt in one year
Visit the Show Notes:
Resources:
- Ditch the 9-5 and Go Debt-Free
- Finances as a Freelancer: How to pay yourself monthly
- Free Budget Template
- Free Training: How to Start Your Freelancing Business to go Debt-Free
- Passion to Profit and On to Debt-Free Workbook
Connect with Megan:
- Follow on Instagram @meganmendez__
- Website - meganmendez.com
- Join The Debt-Free CEO FB Community - The Debt-Free CEO Community
- Email - info@meganmendez.com
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