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Straightforward Ways To Get Out Of Debt

Financial freedom might seem out of reach while staring up at a mountain of debt, but no one appears at the top of Mt. Everest. You get there one step at a time.

“Right now, many Americans are a medical emergency or a natural disaster away from bankruptcy,” says Debt.com chairman Howard Dvorkin, CPA.

You’ll be much more successful if you have a thorough attack plan for your debt.

The Big Picture

In a period of high inflation and interest rates, it’s more important than ever to kick down debt and build up savings.

Comb through your accounts and get an accurate assessment of what you owe.

Add Up Your Debt

With your up-to-date credit report, you can gauge what kind of debt repayment plans you might qualify for.

Review Your Credit And Budget

Pick A Method Of Attack

Once you know how the money you have coming in compares to what you owe, you can devise a perfect plan.

Snowball Vs. Avalanche Method

To use the snowball method, list your debts from smallest to largest. Start by paying off your lower debts, then slowly work up to the larger ones.

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