GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you could read more about oureditorial guidelinesand our products and servicesreview methodology.
ONeals preferred budgeting strategy is the zero-based budget.
Step 5.
Try the Debt Snowball Method
ONeal suggested using the debt snowball method for paying off your debt.
With this system, you list your debts from smallest to largest.
You continue to make the minimum payment on all of your debt accounts.
This strategy is known for building momentum and keeping you motivated in the journey.
Paying off your lowest balance first gives you tangible proof that youre on the right track.
Any new debt you acquire will delay your journey to paying off your balances.
The goal is to stay focused on your current debt by making payments and limiting your access to credit.
Some options here include a credit card balance transfer or debt consolidation loan.
The goal is to find a lower interest rate for your debt and to simplify your payments.
The good news is that the end result will be worth it when you could live debt-free.
More From GOBankingRates
Share This Article:
