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Getting rid of debt



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    Hi Kristin,

    I'm not one of the advisors here. I'm just an average guy that had derogatory credit and am knocking on the door of fair credit. I'm going to share my experience and wisdom on this topic. Some I got from reading articles and some I got from the Nerd Wallet advisors. Onward to the topic.

    There are two methods of paying off debt (the two method names escape me at the moment). There is one method where you pay off the lowest debt first and then use that money (the following month(s) ) that was freed up towards the next lowest debt. You do that until you pay the debt(s) off.

    However if you have debt(s) that interest is added (usually montly) then it would be wiser to pay that/those debt(s) off first and work your way down.

    As for myself I am doing the first method. I'm working on my last debt. With a little luck it'll be paid off soon and I'll reach my goal of getting up to a 680 Fico score.

    I hope this helps you out. Wishing you the best of luck.


    P.S. Here's one of 2 links on methods:

    P.P.S. The second one:

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    DEADMAN is correct. there are 2 schools of thought, both are correct and fair arguments. this is where a little self awareness is going to benefit you greatly.


    Which of the following  is more motivating to you?

    feeling the reward of cancelling smaller debts faster  (snowball)


    felling the reward of paying the least amount of interest to cancel all your debts long term (avalanche)

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