🎙 It’s super important to pay off your high interest debt before you start investing and then continue paying off your debt while you’re investing. But paying off debt isn’t 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? 🤔
This episode discusses topics like:
🌟 Why making only the minimum payments on your debt will keep you in debt for as long as possible;
🌟 Why you should start with a debt snowball and switch to a debt avalanche to become debt free; and
🌟 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
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 Weeks’ Episode
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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.