The debt avalanche is an accelerated debt repayment strategy whereby the debtor allocates sufficient funds in order to repay the minimum amounts to each of their debts, then any remaining funds are assigned to the debt with the highest interest rate. This is different to the snowball method of debt reduction. Using this strategy when […]
Debt Snowball Strategy
The debt snowball strategy is a strategy whereby a person lists all the debts they have from smallest to largest (this does not include the mortgage) then allocates any extra money to paying off the smallest debt first while still ensuring to make the minimum repayments to any other debts. When it comes to paying […]
Reducing Credit Card Debt
Are you looking for strategies in reducing credit card debt? Credit cards in addition to offering extra benefits such as frequent flyer points, are a convenient way to have money “in case of emergency” or as a “buy now pay later” deal in. As great as that sounds, if you are not smart about how […]
Budgeting with Friends
When budgeting with friends, for many people who have the goal to get out of debt, creating a budget (or Spending Plan as I like to call it) sounds simple balance your income against your expenses, listing all the debts you owe and who to, basically spend less than you earn and pay of the […]
Ditching your Debt – The First Steps
When you are first ditching your debt – Mistakes will be made! At the start of every journey is the first step, like the decision to become debt free, you no longer want to be a slave to your debts, you want financial freedom and some savings in the bank! Now like any great journey […]
The Things I have Learned about Debt
Like most of you I was not born with money and in my case, I wasn’t taught how to avoid debt. I actually become debt-free after years of being in debt with money stresses, over my long hard slog to get out of debt (the hard way mostly) and achieve a debt free lifestyle. Things […]