Create personalized debt payoff plans and compare repayment strategies. See how extra payments and strategy changes can accelerate your debt freedom.
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Use avalanche if you want to save the most money in interest. Use snowball if you need motivation from quick wins. Most people benefit from avalanche, but choose what you'll stick with.
Generally, pay off high-interest debt (over 7%) before investing. For lower-interest debt, you might get better returns investing. Consider tax-advantaged accounts for investing.
Be polite and honest about your situation. Ask for lower interest rates, waived fees, or hardship programs. Get everything in writing. Consider credit counseling services.
Contact creditors immediately. Explain your situation and ask for hardship programs, reduced payments, or deferments. Consider debt consolidation or bankruptcy as last resorts.
High credit utilization hurts your score. Paying down debt improves it. Closing accounts can help utilization but might temporarily lower your average age of accounts.
Build 3-6 months of expenses before taking on new debt.
Distinguish between necessities and impulse purchases.
Keep credit utilization under 30% to maintain good scores.
Always calculate the total cost including interest before borrowing.