#119: Is the snowball method the best way to pay off debt?

Join Josh and Amelie to discuss debt payoff methods! Is the snowball method the best way?

Top things to think about:

• The two most commonly talked about methods are the debt snowball and the debt avalanche methods.
• Focus on the debt with the highest negative impact.
• From a motivational standpoint, studies have shown that paying off a larger portion of a balance has a larger positive impact (so a $500 payment on a $1k balance has a bigger impact than a $500 payment on a $1k balance).
• Don’t be dogmatic about debt payoff methods–evaluate what works best for each individual client situation.

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