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- Once you've payed off that smallest loan, you move on to the next smallest one, and so on. This is good for people who like to get things checked off their list.
- The snowball method is where you pay the minimum on all of your debts except your smallest one, which you try to pay off in full asap.
- Hmm these are both good strategies. I think I will chose to do the avalanche method though, I feel it works best for me.
- Awesome! Now once you get home, make sure you pay that late payment, on your student loan, because the longer you wait, the more it will cost to pay.You're one step closer to becoming debt free!
- First the benefits: as you've already done, you can use them to pay for college, or beyond that you can use them for to buy a car, house, and other large expenses that you can't pay in full for.
- Next let's talk about the benefits and risks of taking out loans and credit. Loans can be a helpful tool to achieve your financial goals, but as you know, its very easy to fall behind on payments.
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