Deep in Debt, Debt Avalanche

When it's released, be sure to check out the latest Living Young & Free Show, where I sum up three different debt reduction methods while fishing with my friends. But today we will focus on just one: Debt Avalanche. The Debt Avalanche method is the best way to cut debt down by paying as little interest as possible.

1. Order your debts from highest interest rate to lowest.
2. Pay the minimum to all debts every month.
3. To your debt with the highest interest, send all extra available cash.
4. Repeat every month.

It's that simple really. Plus, with the Debt Avalanche method, you will pay off your total debt faster, you will pay less interest, and you are mathematically efficient. Don't just follow this blog post, research it. Here is some more information: http://www.consumerismcommentary.com/2008/07/07/the-correct-way-to-pay-off-personal-debt-the-debt-avalanche/

Tomorrow I will go over yet another way to reach the top of the never-ending debt abyss. 

Chris