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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