Welcome to reThinkable – my Sunday newsletter where I share actionable money tips, strategies, and resources to help you make smarter money moves.
Read time: 1.6 minutes
Hey {{ name | friend }},
Do you feel like you’re drowning in debt?
Maybe you’re clenching your jaw just thinking about it and your face looks a little like this:
You’re not alone.
But here’s a secret about debt: no matter how bad it feels, there’s a way out.
Here are my top 3 strategies that can actually help you get there faster.
Strategy 1: Snowball Method
The Snowball Method is a debt-payment strategy where you focus on paying your smallest balance first.
It’s like when a small snowball rolls down a steep hill. As it rolls, it picks up speed, and more snow, until it turns into a giant snowball by the time it hits the bottom.
Applied to debt, it’s the same idea:
You pay off your smallest balance first, then roll that payment into the next smallest and so on, and before you know it, you’re debt-free.
Use my Debt Snowball Method Worksheet to get started.
Strategy 2: Balance Transfer Strategy
The Balance Transfer Strategy is when you move your high-interest debt to a credit card that has 0% interest.
Certain cards give you 12 to 18 months of 0% interest when you first sign up. During that time, you can focus on paying off the balance of your debt rather than both the balance and interest.
It’s a solid short-term move… IF you can pay it off within the 12 to 18 months.
Here are some of my favorite 0% interest credit cards
Strategy 3: Debt Relief Strategy
The Debt Relief Strategy is when you work with a debt relief program to come up with a realistic payoff plan, lower your monthly payments and negotiate with creditors on your behalf.
This is a great option if you have over $15k in debt who you’re really struggling to keep up.
BUT keep in mind, there are shady companies out there looking to take advantage of you. So do your homework and make you use a debt relief program that has:
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Excellent rating on Trustpilot
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A+ rating on the BBB (Better Business Bureau)
This is the debt relief program I trust.
You don’t have to figure it ALL out today, but you do have to get started.
The toughest part of getting out of debt usually isn’t the numbers. It’s the mental load. That feeling like no matter what you do, you’re stuck.
But once you start making progress and actually see those balances go down, it gets kind of addictive. In a good way.
So as a first step in in your debt exit plan, reply to this email and tell me which 1 of these 3 strategies you’ll look into.
To making smarter money moves,
— Vincent Chan
Vincent Chan
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