Are there better, or different ways to get out of debt depending on age, and economic status?

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Posted by Nile Godfrey (MONEY FORUMS: 4, Answers: 0)
Asked on May 2, 2016 9:28 pm
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Nile, the answer is yes and no. If you had a bunch of money sitting in cash and one day woke up an said, “I’m done with debt!!” You could just pay if all off and be done.

However, for most of us – regardless of income and economic status, we have more debt than we have cash on hand. So, the answer is no. Consider starting with the smallest debt first, because the amount of stress that comes with a debt is not equal to the amount owed – small debts are nearly as stressful as bigger ones.

Attack the smallest one with all available money, while paying the minimum on all others. When the smallest one is paid off, start on the next, Repeat this process over and over till you’re done with debt.

Most of the time I see this take 12 – 18 months regardless of income. However, student loans and medical debt can make this more difficult – because there is no income verification for those debts.

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Posted by Matt Kelly (MONEY FORUMS: 0, Answers: 5)
Answered: June 29, 2016 1:42 pm
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