Part 5/12:
Choose the method that suits your personality. If you're motivated by quick wins, snowball may work better; if you’re disciplined about saving money, avalanche is more optimal. The key is consistency, sticking with your plan, and making extra payments regularly—preferably bi-weekly or weekly. This accelerates debt repayment and can shave months or even years off your timeline.
Focus on Paying Principal
When making extra payments, ensure they go towards the principal debt, not future or minimum payments. Clearing the principal reduces the amount of interest accrued, freeing up more cash to pay off your remaining debts faster.