Approach Quote by Michelle Singletary
“I use a "Debt Dash" approach to paying off debt. I recommend people focus on paying off the debt with the lowest balance first. So if the primary has less debt you would focus on that.”
About This Quote
Source Book: The 1: Michelle Sing Sing,let, 2015
Paying off the smallest debt first builds momentum and confidence, encouraging continued progress on larger obligations.
In simple terms: Start with the smallest debt to gain momentum.
Key Takeaway
Focus on the lowest balance debt first.
Themes
debt reduction
psychology
financial planning
Mood
motivational
practical
Type
advice
instructional
When to use this quote
- personal debt payoff
- credit card repayment
- student loans
Key Concepts
snowball method
behavioral finance
goal setting
Questions to Reflect On
- Is the psychological boost worth potential higher interest costs?
- How could you combine methods for optimal results?
A Different Perspective
Larger debts may have higher interest, making this method less efficient.
