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What's the best way to pay off debt and enjoy financial freedom again? Let's find out! Add me on Instagram/Twitter: @MrArturNagy

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SIMPLE AND EFFECTIVE DEBT PAY OFF STRATEGIES
1. It's important to have a plan to pay off debt so the towering interest rates will not pull you down. There are two main strategies to help you stay organized and focused.
2. The first method is called the Debt Snowball Method, where you list all the debts and amounts you owe, make minimum payments on all, and use any extra money you have to pay off the one with the smallest amount. This helps you feel the progress by reducing the number and type of debts you owe, consequently reducing the psychological stress of debt.
3. The more efficient method is called the Debt Avalanche Method, where you also list all the amounts you owe, make minimum payments on all, but then you spent any extra money on the debt that has the highest interest rate. This requires more discipline, as you won't feel the progress as much as you will hold onto the types and number of your debts for some time, but this method ensures that you get the most value out of your dollars by reducing the interests you will have to pay every period, until there is none to pay.

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*The content in this video is accurate as of the posting date. This is not investment advice. I am not a financial advisor.