People who have lower personal debt and lower business debt will be more likely to get more in funding. There are two ways to reduce debt. There is the snowball method and the avalanche method.
The snowball method means that you pay off the smallest debt first which will be the easiest to do and cause you to feel good about your progress.
The avalanche method means that you pay off the highest interest rate first which will help you to reduce your overall debt quicker since the interest will not be piling up as fast.
Which method do you prefer?
The snowball method means that you pay off the smallest debt first which will be the easiest to do and cause you to feel good about your progress.
The avalanche method means that you pay off the highest interest rate first which will help you to reduce your overall debt quicker since the interest will not be piling up as fast.
Which method do you prefer?
Debt Snowball vs. Debt Avalanche Method - Experian
The debt snowball method focuses on knocking out balances quickly, while the avalanche method focuses on saving the most on interest. Here's how each works.
www.experian.com
