The average American household carries $15,762 of credit card debt according to data from NerdWallet. The average credit card interest rate is 13.51%. That means the typical American family could be losing $2,000 a year to credit card interest alone.
Getting out of debt requires a plan. Personal finance experts offer conflicting advice on the best way to eliminate credit card debt. Some people believe that a “debt snowball” is the best way to become debt free. With a snowball, you pay off the smallest debt first. Other people support a “debt avalanche.” With an avalanche, you attack cards with the highest interest rate first. The snowball has human psychology on its side. The avalanche has math on its side.
Which method should you select?
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