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22: How to Pay Off Debt Faster and Smarter (4 Successful Strategies)
Manage episode 298300220 series 2955734
š Itās super important to pay off your high interest debt before you start investing and then continue paying off your debt while youāre investing. But paying off debt isnāt easy. And the longer it takes, the more returns you sacrifice in the market. But there is hope! This episode goes through some successful strategies you can use to pay off your debt smarter and faster so that you can start investing sooner and watch your money grow. But what are those strategies, and how do they work? š¤
This episode discusses topics like:
š Why making only the minimum payments on your debt will keep you in debt for as long as possible;
š Why you should start with a debt snowball and switch to a debt avalanche to become debt free; and
š How to freeze your credit card debt at 0% interest to pay it off faster.
Links from this episode:
Episode transcript and show notes: https://www.papermoneyco.com/22-pay-off-debt-faster
Time codes:
00:00 Hello and Welcome!
04:02 How to Pay Off Debt Using a Debt Snowball
09:45 How to Pay Off Debt Using a Debt Avalanche
12:25 FIRE and Investment Calculator Spreadsheet
14:19 Should You Use a Debt Snowball or a Debt Avalanche
16:00 Reducing Your Debt With a Balance Transfer
17:54 Become Debt Free Using Debt Consolidation
20:34 Other Options for Reducing Your Debt
23:11 Next Weeksā Episode
Remember to:
Join our exclusive community by becoming a Patron: https://www.patreon.com/girlonfirepodcast
š¤© Subscribe so you donāt miss any future episodes.
š Rate and review the show on Apple Podcasts: https://www.papermoneyco.com/podcastreview
Podcast reviews are crazy important to the iTunes algorithm. The more reviews we receive, the more likely weāll be able to get this podcast in front of more people and grow the PMC Squad!
š I'd be super grateful for your help in making financial education available to everyone.
The advice shared on Girl on FIRE is general in nature and does not constitute financial advice. The information shared does not consider your individual circumstances. Girl on FIRE exists purely for educational purposes and should not be relied upon to make an investment or financial decision.
61 episodes
Manage episode 298300220 series 2955734
š Itās super important to pay off your high interest debt before you start investing and then continue paying off your debt while youāre investing. But paying off debt isnāt easy. And the longer it takes, the more returns you sacrifice in the market. But there is hope! This episode goes through some successful strategies you can use to pay off your debt smarter and faster so that you can start investing sooner and watch your money grow. But what are those strategies, and how do they work? š¤
This episode discusses topics like:
š Why making only the minimum payments on your debt will keep you in debt for as long as possible;
š Why you should start with a debt snowball and switch to a debt avalanche to become debt free; and
š How to freeze your credit card debt at 0% interest to pay it off faster.
Links from this episode:
Episode transcript and show notes: https://www.papermoneyco.com/22-pay-off-debt-faster
Time codes:
00:00 Hello and Welcome!
04:02 How to Pay Off Debt Using a Debt Snowball
09:45 How to Pay Off Debt Using a Debt Avalanche
12:25 FIRE and Investment Calculator Spreadsheet
14:19 Should You Use a Debt Snowball or a Debt Avalanche
16:00 Reducing Your Debt With a Balance Transfer
17:54 Become Debt Free Using Debt Consolidation
20:34 Other Options for Reducing Your Debt
23:11 Next Weeksā Episode
Remember to:
Join our exclusive community by becoming a Patron: https://www.patreon.com/girlonfirepodcast
š¤© Subscribe so you donāt miss any future episodes.
š Rate and review the show on Apple Podcasts: https://www.papermoneyco.com/podcastreview
Podcast reviews are crazy important to the iTunes algorithm. The more reviews we receive, the more likely weāll be able to get this podcast in front of more people and grow the PMC Squad!
š I'd be super grateful for your help in making financial education available to everyone.
The advice shared on Girl on FIRE is general in nature and does not constitute financial advice. The information shared does not consider your individual circumstances. Girl on FIRE exists purely for educational purposes and should not be relied upon to make an investment or financial decision.
61 episodes
All episodes
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