What is the most effective debt-payoff strategy? In this video, we will dissect two common methods for paying off high levels of debt.
There is no doubt that Americans have a debt problem. With more than 1.5 trillion dollars in student loan debt and over one trillion in credit card debt, it’s time that we discuss this issue.
There are two primary strategies for paying off debt:
1. Debt Avalanche
2. Debt Snowball
Both methods have pros and cons
Here’s an interesting article relating to the Debt Snowball strategy: https://www.daveramsey.com/blog/scientists-say-the-debt-snowball-method-works
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Ayy Nate!!!
Hey thanks for watching the video!!
@Nate O’Brien youre the man!!!
Debt can be good in the right hands!
Yes yes but it always needs to be paid off eventually!!
I definitely _feel_ much better doing the snowball. I know feelings aren’t everything, but whatever helps
Thanks for sharing. It seems as though many people prefer the snowball method
Snowball, exactly what I’m doing right now. Thanks man
Great to hear!
Yeye
Thanks for checking out the video!
Thank you!
Both are indeed great methods as long as the person is being intentional. Plus there’s nothing wrong with swtiching midway through the debt process if needed/wanted.
Don’t be a Lil chicken, use the avalanche method.
Shots fired!!! I hope this starts some internet beef in the comment section
Nate O’Brien Hahahah
@Nate O’Brien no it didn’t.
noti squad
Thanks! Stay tuned, big videos coming next week!
Wow this guy is hot, he looks like that guy from bates motel. 😍😍
Myles Yamada a real cutie 🤤🤤
he does look a bit like max thieriot lol
Hey everyone thanks for checking out the video! If you want to save more money, be sure to watch this video next: https://www.youtube.com/watch?v=L8W1tbEVyOM
Personally, I like the avalanche method! However, it isn’t feasible for everyone like you mentioned. Loved the video, Nate.
Thanks for sharing Barb, I too prefer the avalanche method.
Both of these are great! As long as you use a method and don’t ignore your debt!
I have a lot of students loans that are split into 8 different loans. Fortunately, the highest interest loans are also the ones with the smallest total payoff amount so, in a way, Im doing both methods.
Perfect!
Loved it, love you!! 🌞
Thanks John!
I wonder what your boy Dave Ramsey would suggest 😁
hmmm
Right to the point. I love your videos 👍🏻
Thank you Ali
Very helpful Nate! Thanks for helping with debt management
Here before 1 mil
Best username
@Nate O’Brien Thanks. Yours isn’t too bad either
😂😂😂
I like the avalanche method, but both seem good. Thanks Nate
I agree! Thanks for watching!
Great video Nate!
Great guy
My argument for the avalanche method is that through delayed gratification, you gain more in satisfaction/dopamine as you’ve achieved a “harder” target.
Yes! You can also track your budget and calculate how much you saved vs the snowball method!
Here because I’m 19 years old and got a bill for over 3500$ for ibuprofen and advil from the ER… I want to flip this bill for credit score points but damn…19 with this bill along with college etc is killing
Holy shit. That should be illegal.
@sum thin Dude…. I’ve got a bill for every single thing and they don’t stop. 200$ here… 800$ there 1500$ for a doctor I’ve never seen….. my luck
49k debt in student loan stupid decisions i made
How so? Please share some details.
Next video: How your parents and grand parents are voting to bankrupt you by wasting their votes on either Retardicants or Dummycrats and the five ways that titanic government debt adversely affects your money today.
stop the politics. Has nothing to do with anything.
When I learned about this over a year ago, I only had 2 debts at that time. My car and student loans. The balances were about the same but the car had higher interest. I used the avalanche method. After my car was paid off, I actually took 9k from my TFSA to pay off the rest of my student loan. Reason why I took money out of my TFSA was because I was losing money between gaining interest from TFSA compared to paying the interest from the student loan.
If you have super high interest on credit cards, you can consolidate with a personal loan for lower interest. so you pay less interest if your attacking that debt last. My credit card was 18% and personal loan is 8.99%. I consolidated with other loans that were also a higher percentage so i bought my repayments (combined) down by about $100, which means $100 extra dollars to throw on repayments
Excellent suggestion at the end. I did the lowest two, then the highest interest rate, and it feels like a ton lifted off my shoulder! Subscribed and shared!
I’m at 35 thousand in cc debt and I can pay them in full now. Do you recommend negotiating or just pay it all in full?
Good advice at any age. Thanks, Nate.
Great Video Nate! 👏🏾👏🏾👏🏾
F*ck debt ! … Ima still pay it doe