Finance

Snowball effect

One of the most efficient and effective strategies to pay off debt is using the Snowball effect. This is a strategy that focuses on paying off the smallest balances, rather than the ones with the highest interest rate. The link has an example of how it actually works but the idea is that you pay off all the minimum balances and whatever you have left from your disposable income goes to the smallest balance. This process is repeated until you have no debt left.

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