My husband & I paid off over £51k debt in less than two years thanks to the ‘avalanche’ method – my tips to get started

A WOMAN has revealed that she and her husband were able to pay off over £51,000 in less than two years.

Thanks to the ‘avalanche’ method, Becca, 28, and her man managed to pay back their debts, without having to waste too much money on interest.

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Posting on social media, Becca raved about the ‘avalanche’ method, which she compared to the ‘snowball’ method.

She claimed: “Debt avalanche = more money saved on interest in the long run! It’s the only way to go, in my opinion.”

She then explained: “This is my favourite way to get out of debt fast.

“This is the exact method that my husband and I used to pay off over $65,000 [£51,000] in debt in less than two years.

“Now we’ve been able to spend the last year making our money go to work for us and watching it grow and grow and grow.

“This method is called the debt ‘avalanche’.

“You may have heard of the debt ‘snowball’, where you pay off your debts from smallest to largest.

“But there’s a big flaw in that method that no-one talks about."

Becca then discussed the interest rates that can deter your saving, as she added: “I absolutely hate paying interest and this is where the avalanche has the snowball beat.

“What you’re going to do is organise your debts from largest to smallest, by interest rate, not by loan amount.

“Every month, you’re gonna pay minimum payments on everything except for the debt with the largest interest rate.

“That’s the loan that’s costing you the most in interest every month. We want to get her out of the way as fast as we can, because the longer she sticks around, the more money you're spending on interest.

“Throw every [pound] you can squeeze out of your budget at that high interest debt.”

Once you have managed to pay off your debt with the highest interest rate, Becca continued: “And once that high interest debt is paid off, take everything you were paying for that first debt, and apply it to your second debt.

“Once those two debts are paid off, take both those payments and apply it to the third debt.

“You will see the avalanche quickly build and wipe out all the rest.”  

Not only this, but Becca also revealed three things that she now doesn't do as a result of being debt free.

In another video, she explained: "I don't use a debit card.

"Anything that can be put on my credit card, I put on my credit card. With the right credit card, you're getting points on purchases you're already making and then you can use those points to pay for things you were already going to pay for.

"Number two - I never put anything on my credit card that I couldn't pay for with my debit card.

"I treat my credit card as if it's a debit card. I never use it to pay for something I can't afford and I pay it off completely, every single month."

Not only this, but Becca also explained that she only makes purchases for her, not for others.

She concluded: "Number three - I don't spend money in things to impress other people.

"I stop trying to keep up with trendy clothing. Since I started saying no to the things I don't want to do, I started to save a whole lot more money."

The TikTok clip, which was posted under the username @beccanomics101, has clearly left many open-mouthed, as it has quickly gone viral and has since racked up 1.8 million views. 

Social media users were thankful for Becca’s advice, which many took to the comments to express.

Not only this, but while some claimed that the avalanche method has worked for them, others were keen to give it a try. 

One person said: “I'm doing this now and it’s a relief so far.”

Another added: “I’m starting this tomorrow, hope it works.”

A third commented: “I did this method and it’s so much better than the snowball method!” 

At the same time, another user claimed: “This gives me hope.” 

Meanwhile, someone else asked: “How do I know which one has the highest interest?”

To this, Becca confirmed: “You’ll find the interest rates on your statements!” 

However, many social media users assumed that in order to try this method, you need to have money in the first place.

One user penned: “Bold of you to assume I have money to even pay my debts. That’s kinda the reason I’m in debt.” 

A second chimed in: “Step 1: Have money.”

Whilst another user admitted: “If I had leftover money after bills I would. Hopefully one day.”

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