Thursday, January 19, 2012

The best ways to eliminate debt

Dan Danford, CFP® and Founder/Chief Executive Officer of Family Investment Center, answers this week's episode of Money Made Easy.

A popular way to eliminate debt is through the "debt snowball," which suggests that you pay off your smallest debt first instead of focusing on paying off the one with the highest interest.

Danford espouses Dave Ramsey's motto of paying off the smallest debt first, then move on to the next smallest debt. He says this method combines the financial need to eliminate debt with the psychological need to find an easier way to do so.

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