Managing Money
How to pay off debt in 1 year
Is your credit score on life support? Do you cringe when you look at your account balances? Does a debt-free life seem like a distant dream?
If you’re struggling with significant debt — like trying to figure out how to pay off $50,000 in debt in one year — you may feel overwhelmed and maybe just a little bit of despair. But there's hope. The key to successfully paying off debt is to adopt a structured, strategic approach.
While there are many options, two of the most popular methods for systematically repaying debt are the debt snowball and the debt avalanche. Both strategies can help you manage your debt aggressively and work towards being debt-free in 12 months (or longer, depending on your approach).