Money Monday: Debt Payoff Strategies

CHARLOTTE, NC — Millions of Americans are carrying some form of debt, but financial experts say having a plan can make the path to becoming debt-free more manageable.

Nicole Benford, director of Niner Finances at UNC Charlotte, joined WCCB Rising for Money Monday to discuss two popular debt repayment strategies: the Snowball Method and the Avalanche Method.

Benford said consistency is key regardless of which strategy is chosen, noting that even small extra payments can make a meaningful diference over time.

Viewers looking to compare the Snowball and Avalanche methods or create their own debt payoff plan can download a free debt payoff template here: Debt Reduction Calculator.