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Is the Debt Snowball Method the Best Way to Pay Off Debt?

debt snowball methodSnowballs are fun, except when it comes to debt levels snowballing out of control. Credit card after credit card, loan after loan, missed payment after missed payment and the debt skyrockets upward, seemingly with no end in sight.

Until one day, a light bulb flashes and you wake up to realize that debt is creating a stranglehold on your life. It’s decreasing your chances of retiring wealthy and living a stress free financial life. So you decide to focus with intensity and develop a plan that will get you out of debt.

But which debt do you pay off first? You’ve accumulated so many.

Two Methods: Opposite Sides of the Track

There are two basic methods to paying off debt, the Interest Rate Method and the Debt Snowball Method.

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