05/21/2020
The avalanche method starts with paying your debt with the highest interest rate. Then move on to pay off the debt with the next highest interest rate and continue with the process till you pay off all your debts. But remember to continue making your minimum payments on your other debts. The idea is that you are saving more money on the interest which will help you to contribute more to your other debts.
Excessive debt is no doubt overwhelming and regardless of the reasons it often contributes to lowering your credit scores. Credit scores in Canada typically range from 300-900 and a credit score below 700 can affect your ability to get approved for loans and other types...