- What if the fastest way out of debt is not paying the smallest balance first?
- [Show a person staring at multiple bills and interest rates on a phone
- ] If you have several debts, one simple strategy can help you save money on interest and stay organized: the debt avalanche method
HOOK
What if the fastest way out of debt is not paying the smallest balance first?
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[Show a person staring at multiple bills and interest rates on a phone.] If you have several debts, one simple strategy can help you save money on interest and stay organized: the debt avalanche method.
KEY POINT 1
First, list every debt you owe, along with the balance, minimum payment, and interest rate. Then keep making minimum payments on all of them so you stay current.
[On-screen: list of debts with rates highlighted.] This step matters because missing a payment can trigger late fees and damage your credit.
KEY POINT 2
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Next, put every extra dollar toward the debt with the highest interest rate, even if it’s not the smallest balance. That’s the “avalanche.”
[Animation: extra dollars piling onto the highest-interest account.] Why? High-interest debt grows faster, so attacking it first can reduce the total interest you pay over time.
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