Want to save more, get out of debt or just get better about money? Use these expert tips for a financially healthier new year. - NBCNewsBETTER
“The avalanche method of debt payoff is focused on paying down debt with the highest interest rate first, and is usually the fastest way to pay off debt. You’ll save money in the long run by keeping interest charges under control on your highest-APR accounts,” says Mahnken. “To pay down debts with the avalanche method, first, pay the minimum payment on all of your debts. Then, put any additional money towards the account with the highest interest rate.
Mahnken notes that the snowball method isn’t as quick as the avalanche method, but it’s also effective and can be quite motivating from the get-go. “In the snowball method, you’ll focus on paying down the debts with the smallest balance first. This allows you to see your smallest accounts with a zero balance more quickly than other methods, giving you some motivation to continue onto the next debt,” says Mahnken. “To pay down debt with the snowball method, first, make the minimum payments on all of your accounts. Then, allocate any extra cash to the account with the smallest balance.
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