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Dice Financial Services Group
1716 N. Sanborn Blvd, PO Box 790
Mitchell, SD 57301
Phone: 605-996-7171
Toll Free: 800-658-3603
Website: www.dicefinancial.com
January/February 2021
Pay Off Your Debt
Paying off your debt is a liberating feeling. If your New Year’s resolution is to become debt-free, consider using one of these debt payoff strategies to achieve your goal.
Snowball
The snowball payoff method involves paying off your smallest balance first. Start by paying the minimum on all but the smallest balance on which you’ll pay as much as you can afford until it’s paid in full. Then roll that amount you were paying into the next debt on your list.Avalanche
The avalanche method is similar to the snowball method but has a different focus. The goal is to pay the least amount of interest. Whereas the snowball method doesn’t consider interest rates when prioritizing debts, the avalanche method works to pay off the debt with the highest rate first. Make your list of debts and include the interest rates for each one. You’ll use the same payment strategy as with the snowball method, except you’ll pay off debt with the highest interest rate first.Consolidation
Debt consolidation works to combine multiple debts into one. Generally, debt consolidation aims to reduce your monthly payment and may or may not decrease your interest rate. If you’re considering debt consolidation, be sure to calculate the total interest you’ll pay under the new loan versus the old rate.CONTACT US
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Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. Insurance Services offered through Dice Financial Services Group.
Dice Financial Services Group and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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