There are 3 ways to wipe out your debt after spending too much on Christmas

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The holidays are a time for family and friends to get together and celebrate with dinner, drinks and the exchange of gifts.

While this can be a lot of fun, it can also hurt your wallet a bit.

There are ways to get rid of debt if you are determined enough.

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Here are 3 ways to work to help eliminate the debt you incurred during the holidays

The first method is the snowball method.

It starts with paying off your smallest tooth and paying off all the others.

You then move on to paying off the next smaller debt after this one disappears.

You continue until all debts are paid off.

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This however has its problems. Your largest debts will continue to earn interest and your largest debt is left for last.

Another method is the avalanche method.

The way this one works is that the person saves enough money to make the minimum payment on each debt.

Funds remaining after all minimum payments have been made will go to debt at the highest interest rate.

This method helps with interest rates as you work to eliminate your debt.

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Finally, there is the snowflake method.

This allows money discovered unexpectedly to go towards any debt.

This means that any extra cash that pops up, like Ibotta discounts or garage sale sales, will go towards debt.

This makes the little savings eventually add up and really reduce your debt.

Each of these methods will help point you in the right direction when it comes to getting your debt under control.


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