So I’m going to be 100% honest, some people are watching because they just want to know this one piece of info to start paying off debt, and some people are watching this video because they are prorastinating on paying of debt

These are people that already know the answer but keep on asking more questions, what about debt vs investments, what about leverage, what if I did this instead of paying of the debt. I know these people because I procrastinated for almost 7 years before I devided to go ahead pay off my debt in full

So in this video I’ll tell you which debt to pay off first and why, but I’ll also tell you why paying of debt is a good idea and why I did it

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What you came here for

There are three way to pay off debt ( well 3 popular ways, people can always make up something else and call it, the new way )

But these are very basic and don’t requiere a lot of time )

First: Before you do any of these method

Call your credit card comapneis, the loan companies, and ask for interest rate reduction based on offers that you are getting

For example, credit card a, I got an offer to do abalance transfer and not pay any interest for 18 months, how can you match that

Second, hey loan company b, I got an offer to refinance my loan for a lower interet rate from a copany, what can you guys offer me

Make sure you speak to the person than can make these changes, so you don’t waste your time, be nice, and first and also let them know your intention to pay off your balance

Method 1: Mediocre

I get paid and pay the equally on all the debt

Spreading money around, decreasing the power to concentrate it and get rid of debt faster

Its going to cost you more money in the long run and increase the possibility of you not paying it off

Method 2: Snowball ( not what I did, but the one I recommend for the average person )

This method ask you to list all your debt, even parking ticket from smalls to largest and pay them in that order

These helps because it helps you build momentum and makes you feel like you are making progress

It’s a method popularize by Dave Ramsey and a lot of folks have used it to get debt free ( works great for most people )

Metho 3: Avalanche Method ( this is the method I used, its for the weirdos )

This method askes you arrange your debt from the high APR to the Lowest APR

And pay then in that order

This method works best for savings money mathematically, but it could make a lot of people give it up, because they will not see much progress if the debt with the highest interest has the highest balance.

That’s why its important you call in to negotiate.

I recommend this method for weirdos, but its hard

What you didn’t come here for

Why I paid off almost 50k in debt with low interest rates

Biblically speaking the borrower is slave to the lender ( proverbs 22:7 )

And most people know this and some people ignore it, and try to pretend like they are the ones in control but they are the ones always in chains

Second: the best plan is the plan that helps you sleep best at night

Not having a single little bit of debt

A fully funded emergency account

Keeps me sleeping peacefully because I know I don’t have to worry about payments

Third: Its Safer and I don’t mind it being slower

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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