Old National Bank’s Post

When working with clients on a pre-approval, one of the biggest challenges is high debt to income because of other liabilities. Here are some great tips that will help pay off debt. The less other liabilities you have the more income that can go towards a mortgage payment.

It's the weekend! What better time to dive into the strategies that can help you tackle debt? Take a moment to learn the difference between the debt snowball and debt avalanche methods—two of the most effective ways to pay off debt. Understanding these approaches can set you on the path to financial freedom!

The debt snowball and avalanche methods are two popular strategies for paying off #debt. Both have their own advantages and can help you become debt-free, but they approach the process in different ways. Here’s a detailed explanation of each method 👇 https://lnkd.in/dJu2kkGk

💳 Ready to take control of your credit card debt? Discover how the Snowball Technique can help you conquer it step-by-step! Paying off small balances first can help you stay motivated and on track. Learn more with Cory Reamer... #DebtManagement #CreditCardDebt #PersonalFinance

Pack it up and let it roll! If you're taking the snowball approach (which is paying off small amounts of debt first and larger later—like a snowball rolling down a hill) this calculator helps you determine your path. https://lnkd.in/g-a9TUmX

Are you looking for the best way to pay off your debt? Let’s explore three popular strategies: 🌀 Snowball Method: This approach focuses on paying off your smallest debts first, regardless of interest rate. Once it’s paid off, you move to the next smallest. This method builds momentum and motivation as you see debts disappear quickly. 🌀 Avalanche Method: Here, you tackle debts with the highest interest rates first. By paying off high-interest debt sooner, you save money on interest in the long run. 🌀 Minimum Payments: This is the least aggressive strategy. You make the minimum required payments on all your debts. While it keeps you from defaulting, it won’t help you get out of debt quickly and will cost you more in interest over time. Both the Snowball and Avalanche methods are effective, but the best choice depends on your personal situation and what motivates you more: quick wins or saving on interest. Choose the strategy that best fits your needs and stick with it for financial freedom!

How to Use the Avalanche Method to Get Out of Debt: https://ow.ly/MyEb50SMhCH

Want to become debt-free? The most overlooked tool might surprise you! Learn how this simple strategy can help you tackle your debt faster.

Want to become debt-free? The most overlooked tool might surprise you! Learn how this simple strategy can help you tackle your debt faster.

Want to become debt-free? The most overlooked tool might surprise you! Learn how this simple strategy can help you tackle your debt faster.