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mpw2188

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Whats the easiest way to pay off all my debt?

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I know it's just a difference in words, but I would rather you look for the least difficult way to pay off debt because paying off debt isn't easy.  If it was, everyone would do it.

There are a couple of approaches you could take.  The first is the mathematically best way.  The second may be more appealing from a psychological and motivational standpoint.  Regardless, the first step is to stop adding to your debt immediately.

Method 1: Pay the minimum on all debts except for the one with the highest interest rate.  Apply all avaliable excess cash to the highest rate debt.  Once that is paid off, repeat the process with the next highest rate debt, then the next until you're done.

Method 2: Again, pay the minimum on all balances except the lowest balance.  Once the lowest balance is paid off, apply what you were putting toward it to the next lowest, again repeating until you pay everything off.  This can be a little more motivating because you get little victories sooner along your path to becoming debt free.  This method is mathematically inferior to method 1, but it does work for some people.  It was made popular by Dave Ramsey, who calls it the debt snowball.

Good luck.

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