How Should You Pay Off Your Debt Quiz

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Quiz Questions

1.
Your favorite vacation is:
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- A.
  Quiet Relax Day at The Beach
- B.
  Extreme Adventure
- C.
  Explore like Locals do with Some Relax Time in between
2.
When it comes to technology, you are
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- A.
  The first to try it out
- B.
  I use it when it's necessary
- C.
  I wait until the kinks are out and then try it
3.
You Plan Your Week
- A.
  Digital all the way - I plan the day or two days before
- B.
  My planner is my best friend - I like to plan in advance
- C.
  You use a planner and calendar app - I like the flexibility of planning now and before
4.
I feel accomplished when
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- A.
  I cross everything off
- B.
  I cross the 3 major items of my day
- C.
  I score big wins
5.
I pay for most purchases through
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- A.
  Apple Pay or any other E-Pay method
- B.
  Credit Cards
- C.
  Cash or Check
6.
When I order food I want it
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- A.
  I can wait 15-20 minutes
- B.
  now
- C.
  Whenever it comes
7.
My favorite subject in school
- A.
  Math
- B.
  Writing
- C.
  Art
8.
My favorite type of games are like
- A.
  Riddles
- B.
  Puzzles
- C.
  Pictionary
9.
If my motto was this, it would be...
- A.
  Make It Happen
- B.
  Always Have A Plan
- C.
  Live, Love and Laugh
10.
Which Winnie the Pooh character best represents you or speaks to you
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- A.
  Tigger
- B.
  Piggie
- C.
  Pooh

Quiz Outcomes

1.
Debt Avalanche Diva!
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You don't mind taking the time to get big wins! You understand that you need sacrifice at times and always have a plan, take action and keep at it until it is completely done. You don't mind how long it will take as long as you finish it and the benefits out weigh the process. Therefore the best debt payment method for you is the Debt Avalanche (also known as Debt Stacking). What is it? Debt Avalanche method involves making minimum payments on all debt, then using any remaining money to pay off the debt with the highest interest rate. This methods takes the longer in paying off the debt but saves you the most amount in the long run. The Way to Do it: 1) Choose the Highest Interest Rate Debt First (usually this is CCs) 2) Pay off the minimum amount on all other debt 3) Increase the payment for the chosen highest interest rate debt by what you can afford extra. Determine the extra amount through accessing what you are willing to sacrifice to put into the payment for the highest interest rate debt.
2.
Snowball Diva
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You are adventurous, fun, an early adopter in technology, are not afraid to pay for something that you want, and you love instant gratification. You strive to meet quick results with your goals. If you don't see it, then you will lose interest and go to the next best thing. The way to pay off your debt: The Debt Snowball is best for you! You pay off the smallest debt first, while maintaining minimum monthly payments on all the other payments. As each small debt is paid off, then you “snowball” that amount into the next small debt until all debts are gone. This will give help you feel that you are meeting your goal faster and then you will keep yourself motivated to keep paying your debt. Just keep in mind that this method may pay more interest in the long run. To avoid this as much as possible, choose the smallest debt with the highest interest first.
3.
SnowStorm Diva
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You understand the Artistotle theory of moderation. You see the value between two extremes and to not sway one way to the other. This is the reason why you like to explore a little, but also are able to enjoy a relaxing day at the beach reading a book. You strive at balance and like to see the world in a much more colorful lense where one size does not fit all. The Best Method: The best debt payment method for you is the Snowstorm method. The Snowstorm allows you to pay off some small debt and the highest interest rate large debt. It's a mixture between the Snowball and Avalanche method. How to do it? Pick 1-2 small debts (with highest interest rates) that you will pay off within 3-6 months. Please note that small debts are any debts under $1500 dollars. And then pick the highest interest paying large debt (anything above $1500 dollars) and start hitting them hard while still paying the minimum payment for the rest of the debt owed. Once the chosen debt have been paid off, then move it to the next highest interest rate small debt. Finally, any additional money you get (wether through a side hustle, spare chain, garage sale, and so forth) you put it towards the highest interest rate debt with the largest amount due.