So you have decided to start paying down your debts. If you only have a mortgage that you can easily afford, this is not a problem. But if your are drowning in debt, what do you do? Let’s investigate the options you have here; the debt snowball and the debt avalanche. I will assess both debt strategies here, assisted by a case study with Jeff, who’s in quite some debt.
This week I finally did it. I signed on the dotted line, and promised the bank that I will pay them back a crapload of money. I have been busy refinancing my apartment.
After all the considerations, spreadsheets, and thinking I knew this is a good idea. When you see the official paperwork, and the amount you owe, it’s a different feeling. Suddenly it seems like a lot of money. However, I guess a lot of people wouldn’t consider the mortgage I took out as a high mortgage.