According to Nerd Wallet, “the average household has $134,643 in debt. For households that carry credit card debt, it costs them about $1,300 a year in interest.” According to a study by Credit.com, the average American will pay over $280,000 in interest in their lifetime. And of course, that depends on where you live. For example:
Of course, that is also IF you only have a mortgage, cars and a credit card…no student loans, personal loans or other types of debt.
Debt Avalanche Founder and CEO, David Hall, went on a search. Wading through hundreds of philosophies, systems, programs, books, videos, etc., what he found was there were lots of ways to get out of debt.
The problem was that most of them are ineffective, inefficient or simply didn’t work. Lots of things worked in theory, but when it came to practical application, most failed miserably.
Simply put, more often than not, they are hard to stick to, give no easy way to handle them, offer no real way to speed up the process of getting out of debt or try to convince you that you have to “eat beans and rice” for the rest of your life until you get some breathing room.
We don’t believe that getting out of debt should be hard. You shouldn’t have to give up everything you enjoy in life. You also shouldn’t have to consult a crystal ball or some mystical oracle to try to figure out how to get it done.
You should be able to simply enter in the numbers from the statements on your debt and be able to get a print out of the easiest, most efficient way to get out of debt. Not only that, but you should also be able to see how much money and time you will save if you maximize how you get out of debt. There should also be an easy way to figure out where to put the money when you get a few extra dollars and want to put some of it toward our debt.
But it shouldn’t just be about a payment plan, it should be about other things as well.