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Credit.com: Debt Diet Challenge, Week #6

creditcomAs I’ve told my Debt Dieters, when it comes to debt reduction, you can use one of two methods: you can snowball, or you can avalanche. The snowball method has you take care of your smallest balances first, so you get the psychological advantage of crossing loans (and debts) off your list. The avalanche method makes you focus on the debt with the highest interest rate first, which saves you money over time. Which method do I prefer? Check out my most recent blog post on credit.com to find out! And of course, the Debt Diet Challenge participants took to the blogosphere to write about their progress in their own words — as always, it’s a great read!