What’s the best method to pay off your debt? The Debt Avalanche, Debt Snowball, or another method? Well, I have my preferred method when I coach people, but in the video below I discuss the best method is the one that will motivate you to make the highest monthly payments.
As described in the video, if you have $10,000 in debt, the only way to get out from underneath it is to make $10,000 worth of payments. So whatever method keeps you focused on making those payments in the shortest amount of time, then do it. If you are mathematical, the debt avalanche will probably be your best bet. If you are momentum driven, then the debt snowball will be your best bet.
Paying off debt can be overwhelming, but you have to start somewhere. Like the old adage goes, the best way to eat an elephant is one bite at a time.