3 Reasons Why the Debt Snowball Beats the Debt Avalanche

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The consumer debt spiral is the biggest reason why modern Americans are so unhappy. As of May 2016, the average household had about $ 5,700 in credit card debt, but if you look only at balance-carrying households, the average spikes up to $ 16,000. That’s jaw-droppingly insane. Now throw in car loans (average $ 30,000 for new and $ 18,500 for used cars) along with student loans ($ 30,000 for recent undergraduates) and it’s clear that we have a debt problem. I’m not blaming the system here. Except under extreme circumstances, we only have ourselves to blame if we take on too much debt to handle….

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