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Money Myth: Pay Your Highest Interest Rate Debts First
Manage episode 295479988 series 2925791
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In this episode, we discuss the best way to get out of debt. Why you need to take into account human behavior and emotion when tackling the goal of getting out of debt. Does this money myth work? Is it the method I used to pay off $300K in debt? Listen to find out.
Action Steps:
1) If you have consumer debt, use the Debt Snowball Method to get out of debt. First, make a list of all your debts from smallest to largest balance. Then start tackling paying off your debt following the Debt Snowball method.
2) Look at your monthly budget...where can you make sacrifices to allocate even more money to your debt snowball payments? Start small, make a 1%-5% cut and then increase it each month.
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