Do you feel trapped under your debt? You’re far from alone: according to the ABS, nearly 75% of Australian households held debt, with debt growth continuing to outpace that of incomes. Conquering your debt mountain can feel impossible at first, but with some planning, you can start taking action to become debt free.
There are two main approaches to paying off your debt. Whether you choose to start small or large, there’s no wrong way to do it. In the video above, we’ll show you how the debt “snowball” and “avalanche” approaches work, so you can pick which one works best for you.