What is the best way to pay off my debt? That is probably the most important question you can ask yourself if you are serious about reducing the dollar amount of your debt. The key is not in trying to do it so fast that you struggle with other finances but to develop a plan that helps you gradually and efficiently increase your financial resources.
Faster is Not Always Better
While it may seem if you pay off debt faster you will be in better financial shape, this may not necessarily be true. I made that statement to one of my co-workers who insisted I was nuts. He didn't understand why he had to take his time when he was so anxious to get out of debt. Have you ever thought about it? Yes, it sounds good, but in reality the reverse is true-at least for most people. Think of it like a diet: are you more successful when you lose weight fast or lose it slowly? The key is developing a new way of doing things, and you can't do that if you speed through the process.
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