22: How to Pay Off Debt Faster and Smarter (4 Successful Strategies)

<p>🎙 It’s super important to pay off your high interest debt before you start investing and then continue paying off your debt while you’re investing. But paying off debt isn’t easy. And the longer it takes, the more returns you sacrifice in the market. But there is hope! This episode goes through some successful strategies you can use to pay off your debt smarter and faster so that you can start investing sooner and watch your money grow. But what are those strategies, and how do they work? 🤔</p> <p><strong>This episode discusses topics like:</strong></p> <p>🌟 Why making only the minimum payments on your debt will keep you in debt for as long as possible;</p> <p>🌟 Why you should start with a debt snowball and switch to a debt avalanche to become debt free; and</p> <p>🌟 How to freeze your credit card debt at 0% interest to pay it off faster.</p> <p><strong>Links from this episode:</strong></p> <p>Episode transcript and show notes: <a href= "https://www.papermoneyco.com/22-pay-off-debt-faster">https://www.papermoneyco.com/22-pay-off-debt-faster</a></p> <p><strong>Time codes:</strong></p> <p>00:00 Hello and Welcome!</p> <p>04:02 How to Pay Off Debt Using a Debt Snowball</p> <p>09:45 How to Pay Off Debt Using a Debt Avalanche</p> <p>12:25 FIRE and Investment Calculator Spreadsheet</p> <p>14:19 Should You Use a Debt Snowball or a Debt Avalanche</p> <p>16:00 Reducing Your Debt With a Balance Transfer</p> <p>17:54 Become Debt Free Using Debt Consolidation</p> <p>20:34 Other Options for Reducing Your Debt</p> <p>23:11 Next Weeks’ Episode</p> <p><strong>Remember to:</strong></p> <p>Join our exclusive community by becoming a Patron: <a href= "https://www.patreon.com/girlonfirepodcast">https://www.patreon.com/girlonfirepodcast</a></p> <p>🤩 Subscribe so you don’t miss any future episodes.</p> <p>🏆 Rate and review the show on Apple Podcasts: <a href= "https://www.papermoneyco.com/podcastreview">https://www.papermoneyco.com/podcastreview</a></p> <p>Podcast reviews are crazy important to the iTunes algorithm. The more reviews