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Episode Info: Leslie asks, With many different methods to pay down debt, which one is the best and why? Find out which method I recommend most to my clients! Push Play! Links and Resources Mentioned: 8 Steps To Financial Freedom Create Your Battle Plan For Eliminating Debt (a Review of the Methods) How Long Will It Take to Eliminate Your Debt? (Debt Elimination Calculator) andnbsp; *     *     *     *     * Want to get all new episodes delivered directly to your favorite device? Please subscribe (for free!) to your preferred method below: If youd like to use a method that isnt listed above, you can grab the RSS feed here. After listening to the show, please leave some honest feedback on iTunes by clicking here. Leaving feedback will help the show expand. This means additional questions to help you expand your knowledge! Thanks for listening! Transcript Hello there! Welcome to episode 12 of 10 Minute Money Tips. I am your host, Adam, and today’s question is actually by email. It came in from Leslie. I asked her if she could possibly call in and ask it on the air but she’s a little shy so I’m just going to read the email question to you. And it goes like this. She says “I’m at the point where I’m attempting to eliminate my debt. How do you recommend paying it down? I’ve heard of several different methods but how do I know which one is best?” And Leslie you’re right. There are many different types of methods that you could pay down debt. I mean there are a lot of people just kind of pay above the minimum on everything and kind of throw a little bit of money here, throw a little bit of money there. That can be a little confusing and it kind of feels like you’re not getting anywhere. That’s why some of these other methods that I’m about ready to talk about kind of were created or thought about. One of those methods is the lowest balance method. Some people call this the snowball method but I refer to it as the lowest balance method because it kind of gives you an idea of what it actually is. And what you do with that is you actually list your debts from lowest balance to highest balance. Pay the minimum on all of your debts except the one with the lowest balance. Throw all the extra money that you have from your budget on a monthly basis, anything that’s left over, throw it on that top debt and aggressively pay it down. And once that debt’s paid off, you kind of roll that money, that extra money down to the second
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