Minimise interest cost with the avalanche debt repayment strategy

Quick Summary:

After clearing it, move to the next smallest.“By providing a quick win in the debt repayment journey, it boosts confidence.

Start with the snowball method and pay off the smallest debt first, then use extra funds to tackle the highest-interest debt.

Debt settlement involves negotiating a payment less than the total owed, such as settling a Rs 4 lakh credit card bill for Rs 2.25 lakh.

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Article Details

Category: BusinessFinance

Markets: India

Topics: Car loan Personal finance Home loan Your money Debt settlement

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-13 @ 22:56:48 (9 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 574 words

Reading Time: 4 minutes read

Sentences: 32 lines

Sentence Length: 18 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 22067551

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About Business Standard

Main Topics: BusinessFinance

Official Website: business-standard.com

Update Frequency: 317 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 8 hours ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #49

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