There are a number of
common debt repayment strategies floating around out there, but my three favorite are the snowball, avalanche, and benefit - focused methods.
If you're looking to optimize the best
student debt repayment strategy for your specific situation and goals, ELFI — the education loan finance program offered by SouthEast Bank — offer many options to help you consolidate or refinance your student loans.
Two of them are
common debt repayment strategies — the Avalanche debt method and the Snowball debt method — that you can use to pay off your student loans, and the third is a method that I personally follow that you also might find helpful.
Here's how
this debt repayment strategy works and why so many borrowers are using it successfully.
However, for people like Proctor, opting for
a debt repayment strategy they'll follow through with might be more important.
Having
any debt repayment strategy is better than not having a strategy at all.
These are all things that you need to consider before diving into
any debt repayment strategy.
Okay, so this one should be obvious, but just in case it isn't: Whether you've got credit card debt, a mortgage, or, ahem, student loans, funneling the money you save by throwing away less food into paying down your debt can have a really big impact on
your debt repayment strategy.
Debt management involves working with financial counselors to follow
a debt repayment strategy to help you get out of debt as quickly as possible.
In the end,
any debt repayment strategy that works for you is better than one that you'll abandon before success, regardless of how strategies compare «on paper.»
The snowball method (also called the debt - snowball) is
a debt repayment strategy where you pay off the loan with the lowest balance first.
The avalanche method (also called the debt - avalanche) is
a debt repayment strategy where you pay off the loan with the highest interest rate first.
The main principle behind
this debt repayment strategy is that you should pay off your loans with the fewest benefits first, and then move up the chain.
By understanding exactly how much debt you have, you create a starting point for planning
your debt repayment strategy.
A consolidation loan may help you save on interest charges and streamline
your debt repayment strategy.