-
▼
-
▼
If you find yourself with too much debt, you’re not alone. America has a debt problem. The accumulation of high-interest debt is one of the quickest ways to derail your financial life, so it’s no surprise that strategies and philosophies on debt re-payment are a popular topic among financial commentators. With so many people telling you what to do with your debt, how do you know which approach is the best? In this episode, we break down two of the most popular approaches to debt re-payment (the Debt Snowball and the Debt Avalanche,) then do the math to help you understand which one will maximize your money and get your finances back on track!
In this episode, you’ll learn:
- Why America has a debt problem
- The most common types of debt that derail financial goals
- The difference between the Debt Snowball and Debt Avalanche approaches
- How interest rates make all the difference when creating a debt re-payment plan
Research and resources from this episode:
- Credit Card Debt in 2020: Balances Drop for the First Time in Eight Years (Experian)
- New Report: How Credit Card Debt Impacts the Average American (Clever)
- Credit-Card Debt Keeps Falling. Banks Are On Edge. (WSJ)
- State of the Auto Finance Market Q4 2020 (Experian)
- A Look at the Shocking Student Loan Debt Statistics for 2021 (Student Loan Hero)
Enjoy the Show?
Where You Can Watch and Listen:
Subscribe on these platforms or wherever you listen to podcasts! Turn on notifications to keep up with our new content, including:
- Episodes of The Money Guy Show every Friday
- Episodes of Making a Millionaire every other Monday
- Mini-shows every Wednesday
- Ask Money Guy Livestreams every Tuesday
- Tons of other fun content!
Free Resources
Free Resources
Financial Order of Operations®: Maximize Your Army of Dollar Bills!
Here are the 9 steps you’ve been waiting for Building wealth is simple when you know what to do and the order in which to...
Free Resources
Wealth Multiplier By Age
If you want to set yourself up for future success, find out how much you need to save every month to become a millionaire.
Free Resources
Car Buying Checklist
Here’s how you can buy a dependable car that won’t break the bank. Our free checklist walks you through the 20/3/8 rule and strategies to...
Articles
Articles
How To Prepare for Student Loan Payments Increasing
About 43 million Americans have federal student loans, and many borrowers face financial difficulties due to their loans. Student loan debt has significantly impacted the...
Articles
How To Get Affordable Health Insurance in 2026
Health insurance premiums may make up a significant portion of your budget. How can you find more affordable health insurance? Is it ever worth going...
Articles
6 Financial Changes To Make in 2026
There is no need to wait until an arbitrary date on a calendar to make positive changes in your financial life, but if you are...
Financial FAQs
Courses & Tools
How about more sense and more money?
Check for blindspots and shift into the financial fast-lane. Join a community of like minded Financial Mutants as we accelerate our wealth building process and have fun while doing it.
Free Resources
Financial Order of Operations®: Maximize Your Army of Dollar Bills!
Here are the 9 steps you’ve been waiting for Building wealth is simple when you know what to do and the order in which to...
Free Resources
Wealth Multiplier By Age
If you want to set yourself up for future success, find out how much you need to save every month to become a millionaire.
Free Resources
Car Buying Checklist
Here’s how you can buy a dependable car that won’t break the bank. Our free checklist walks you through the 20/3/8 rule and strategies to...
Recent Episodes
It's like finding some change in the couch cushions.
Watch or listen every week to learn and apply financial strategies to grow your wealth and live your best life.
Episodes
We Changed The 4% Rule!?
Retirement planning isn't as simple as following the classic 4% rule anymore. In this Live Q&A, we explain why the traditional retirement withdrawal strategy deserves...
Episodes
Is Aggressive Saving Derailing Their Short Term Goals?
High earners in their mid-twenties, cash poor, and a wedding 12 months away. In this episode of Making a Millionaire, we show Joey and Leah...
Episodes
Why This Money Advice Has EXPIRED
Traditional financial advice isn't always wrong, but some money rules simply haven't kept up with today's economy. In this episode, we reveal which classic money...