What's the best way to reduce debt when you're living paycheck to paycheck? Is it worth paying down a dollar or two a week?
Answers | 2
It is always worth paying down as much as you can. Every dollar you pay down is an automatic return on investment of the amount of interest you are paying. Therefore, focus on your highest interest debt first and then move on down from there. Be diligent and reduce spending as much as possible. Most people have a spending problem and fixing that first can go a long way to reducing your debt levels in the long term.
I will tell what I did years ago. I started with my smallest bill and paid the monthly amount plus the interest. When that bill was paid off I put all of that amount on the next and continued till all were paid off. I took me about 4 years to become debt free,