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What is the Snowball Strategy for Paying Off Debt?

Consumer debt continues to grow in the U.S. As of December 2018, total outstanding consumer debt totaled $4.01 trillion, according to data from the Federal Reserve Board. This compares to 2017 when outstanding debt was $3.8 trillion and 2016 when it totaled $3.6 trillion.

Whether buying a home or starting a business, many consumers know they have to reduce debts and improve…

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