There are two main methods of debt payoff: Avalanche and Snowball. When you think of an avalanche or a snowball, snow comes to mind, but what does snow have to do with debt? In the south, snow causes panic as people deplete stores of bread and water, cities shutdown, and no one can drive. Debt can have a similar affect on people, causing them to panic. Once you enter debt
Before we discuss debt payoff, let’s take a moment of silence to reflect on our debt. Take a deep breath and let it sink in. Think about how all this debt added up. It could have been credit cards, student loans, or even a car loan for that car you always wanted. Now after reflecting, you can move past why and how the debt accumulated, and focus on paying off
Debt to most feels like a dark, looming cloud or a weight that slows us down. The total amount of money owed is debt. It comes in many disguises like a house, a new car, a diploma, or a trip to the Caribbean to name a few. No matter the disguise, debt is either secured or unsecured. Secured debt is debt backed by an asset as collateral (Ex: car loan,
Like the credits at the end of a movie, our financial credit is often ignored. When discussing credit most people think about credit scores thanks to various commercials. Yet, credit is money or services borrowed that we agree to pay back. This includes but is not limited to credit cards, loans, and lines of credit. The four types of credit are: Charge Cards are credit cards that can’t carry a