Debt Elimination

Almost every financial adviser – accounting for the riders to books – which advises the debts must be paid in a particular order from the highest interest rate to the lowest interest rate. While this method makes sense from a mathematical point of view, has less sense from a psychological point of view.

Consider a typical young man in his mid-twenties who wakes up one morning to realize that being in debt and decides to do something about it. She can be loaded with the following obligations hypothetical:

Last week, I asked you all to give me his best advice to get out of debt. And boy, do you deliver. More than 70 Chime of you with some surprising advice, and share their success stories, and shares his failures.

It’s overwhelming, and I applaud all of you.

To take advantage of all the great advice they gave him, I’ve compiled a list of top tips below. I hope it will serve as inspiration for those who are trying to get out of debt elimination.

This is not a step by step guide. This is a list of ideas and advice from different people. There are many suggestions redundant, but I’ve included redundant because it gave a different household budget spin on the same thing that I really liked it. For example, there are several tips on being creative so that you spend less on entertainment, restaurants, etc.. They are basically the same point – but with different suggestions. I stayed with them separately, because I liked them all.

There are also contradictory advice. One says to pay credit score cards with the greatest interest, for example, while another said that pay the one with the smallest balance. Both approaches are valid with solid reasons behind them, and each of them work for different people. Find tips that work best for you, try.

I hope this serves as a valuable resource – Let me know what you think in the comments, and feel free to add your advice!

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