Paying off Debt: Avalanche vs Snowball

Last week I shared my journey paying off credit card debt, prior to the days of my personal finance wisdom :). Luckily I’d always had this discomfort with debt (particularly bad debt), which served as motivation to clear the balance and keep any debt to a minimum going forwards. I know that not everyone views debt this way. Some people happily use debt to fund things that they are unable to afford such as the designer clothes/shoes, tech gadgets and cars. Oftentimes debt is used as a method to tackle emergencies due to a lack of emergency funds. This is done under the assumption that income will continue indefinitely to cover these debts, which makes me think did the crash of 2008 and the associated job losses teach us nothing???

Paying off Debt: My Journey

I remember the days of having balances on multiple credit cards. I would love to say that I fondly remember those days but that would be a lie. When it comes to my relationship with debt there’s always been a discomfort with owing money.

Is it time to re-think our approach to student loan repayment?

Despite a number of significant changes to student loans in recent years our attitudes towards repayment appear to have changed little. Most of us are content to leave it to our employer to make the deductions, often not checking the outstanding balance to understand where we are or whether those deductions have been correctly processed against our loan.