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There are many people who have high-interest debt.
Finding the right strategy can help people improve their finances, pay off debt and reach their money goals.
Debt Shuffling
Debt shuffling is when people move debt or refinance it to get lower rates.
Here are some examples of debt shuffling:
2.
Using the Debt Avalanche Instead of the Debt Snowball
The debt snowball method iswhat the Ramsey Solutions team recommends.
That means paying off debt from smallest to largest regardless of the interest rate.
This usually appeals to those more focused on the numbers and mathematical wins rather than emotional wins.
Using a Debt Settlement Company
Many people use debt settlement companies without realizing the drawbacks.
The biggest downside is that they have to stop making payments so that work with a debt settlement company.
This can cause their credit score to drop.
Its also possible that people could receive collections calls, legal actions and additional fees.
While it might seem helpful to hire a company to negotiate, people can also negotiate for themselves.
She suggested canceling subscriptions, not making luxury purchases and not eating out.
She says the reason for this is because it gives people an abundance mindset rather than a scarcity one.
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