A cold, hard look at snowball vs. avalanche debt strategies
Debt can be a helpful tool, helping us pay for things we need, like a home, a car or a college education. But it can also be a significant burden if we let it get out of hand.
It’s vital to your financial welfare to keep debt under control. But paying down debt can be daunting. And when it comes to deciding how to pay down debt, you have choices to make on the best strategy.
That’s where terms like debt-snowball method and debt-avalanche method come into play. Either can be an effective strategy for tackling your debts. Each has its advantages and disadvantages. Let’s take a look.
Read the full article in the Finances FYI section of The Seattle Times, sponsored by 1st Security Bank.