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Wranglerstar did a video on how to get out of debt, and the methods he learned from others is similar to what i’ve heard from others as well. The basic suggestion is that you order your debts, largest to smallest, and instead of tackling the highest interest debts, or the largest ones necessarily, you tackle the debts starting from the smallest debt. The idea is that you get traction, you can see debts being paid off as you tackle the small ones in order, you are encouraged by the progress, and then the payments start compounding as well as you stamp out some of the small monthly minimum debts, that payment can then be compounded with the other payments for the next larger value debts.
It does make a lot of sense, so we’re going to try and knock out all our useless debt in just over a year – call it our new years resolution i suppose. After which, we should be nearly flooded with cash every month that is not being sucked up by debt.
Check out the video, and let me know what you think of this method.
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