5 Strategies for Effective Debt Management
Managing debt effectively is crucial for financial health. The first strategy is the debt snowball method - paying off smallest debts first for psychological wins. The debt avalanche method focuses on high-interest debts first to save money. Debt consolidation can simplify payments and potentially lower interest rates. Balance transfer cards offer introductory 0% APR periods. Finally, negotiating with creditors can sometimes reduce interest rates or settle for less than owed.
Our loan calculator helps you compare different repayment strategies to find what works best for your situation. Remember, the best method depends on your personality and financial circumstances.
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