Paying off debt
Snowball, avalanche, consolidation and what the minimum payment really costs.
Two strategies dominate: clear the smallest balance first for the momentum, or the highest rate first for the money. These show what each actually costs, so the trade-off is a number rather than an argument.
- Credit card payoff How long a balance takes to clear, and what paying only the minimum costs instead.
- Debt consolidation Whether one loan really costs less than the debts it replaces.
- Debt payoff plan Which debt to attack first, and what each order costs you.
- Minimum payment What paying only the minimum costs, and what simply not lowering it saves.