Are you an avalanche or a snowball?

When it comes to paying down debt, there are basically two schools of thought: the avalanche method and the snowball method. 

Both are useful strategies, but which one is best? Well, it depends on what’s most important to you.

In a nutshell, the avalanche method involves making minimum payments on all debt, then using any remaining money in your budget to pay off the debt with the highest interest rate. 

It’ll save you more money in the long run, but it may take you longer to pay off a single debt, which can be discouraging. 

If you’re committed to practicality above all else, this is the option for you.

On the other hand, the snowball method involves paying off the smallest debts first to get them out of the way before moving on to bigger ones. 

This strategy helps motivate you to keep going by giving you clear indications of progress as you move forward. 

If you agree that seeing is believing, this option can help you stay on track.

Whichever method you choose, Nimbl can help. Start your debt paydown journey today.

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