Key takeaways
- The avalanche method is a debt repayment strategy focusing on paying off the account with the highest APR first, moving down from there.
- The debt avalanche method can take longer than other repayment strategies, but you could save more on interest in the long run.
- The snowball method, balance transfer cards, debt consolidation loans and debt management plans are other options you can explore if the avalanche method isnt for you.
If youre overwhelmed with debt, youre not alone. A report by the Federal Reserve found that credit card and auto delinquencies among Americans continued to climb in the last quarter of 2023, surpassing pre-pandemic levels. Wilbert van der Klaauw, economic research advisor at the New York Fed, sa…
Read the full article at: https://www.bankrate.com/personal-finance/debt/debt-avalanche-method/