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What is the best way to get out of debt?

What is the best way to get out of debt?

20 May 2026 Search Volume
Q

What is the best way to get out of debt?

A

Expert Answer

Two popular methods: 'avalanche' (pay highest interest first, mathematically optimal) and 'snowball' (pay smallest balance first, psychologically motivating). Both require budgeting, reducing expenses, and possibly increasing income. Consolidation may help but doesn't reduce principal.

Key Insight

Two popular methods: 'avalanche' (pay highest interest first, mathematically optimal) and 'snowball' (pay smallest balance first, psychologically motivating).

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