The Tornado Method to Pay Off Debt FAST!
Whenever I think of tornados I either think of growing up in Kentucky and huddling on the basement steps in the middle of the night during a nasty thunderstorm.
Or
I think of The Wizard of Oz and Dorothy’s house falling on the Wicked Witch of the West
But what do Tornadoes have to do with paying off debt?
I’m so glad you asked!
What is the Debt Tornado Method?
In this case, the debt tornado is all about attacking your debt with all the force of mother nature ripping through the Oklahoma countryside leaving twisted trees and metal in her wake.
Whereas the Snowball Method of paying off debt is all about quick wins and the Avalanche Method of paying off debt is about paying as little interest as possible, the Debt Tornado method is all about tapping into the NEGATIVE FEELINGS YOU HAVE about your debt.
How Does the Tornado Method Work?
With the debt tornado, the debts that cause you the most angst, anger, or sadness are paid off first, regardless of interest rate or total balance.
The theory, or thought, is that by paying off the debt that causes you the greatest negative emotion you put that situation behind you as fast as possible and then move on to other debts...and your debt-free life!
The debt tornado was created by a guy named Steve Donovan of Even Steven Money.
⬇️ ⬇️ ⬇️ Don’t want to Read? Here’s a Youtube Video I did on The Debt Tornado!⬇️ ⬇️ ⬇️
Should you use the Tornado Method to Pay Off Your Debt?
Well, and I hate to say this - it depends. Here are the Pros and Cons of the Tornado Method
Pro of the Debt Tornado is the extreme amount of FOCUS that you bring to eliminating the debt that can enable you to pay off massive debts in far less time than it would have taken you. Getting you out of debt faster!
The Cons of the Debt Tornado:
You may or may not save yourself interest like you will with the Debt Avalanche because the debt that makes you the maddest, may not be the debt with the highest interest rate.
The debt that makes you the maddest might be a really big debt like a school loan. Larger debts take longer to pay off, so no quick wins like you would get with the Debt Snowball.
BUT, there’s always something to be said for getting things, debts, even people out of your life that don’t serve to make you happier! So, if the Debt Tornado speaks to you, then give it a try!
Still not sure? Check out these blogs for more information on getting your debt paid off FAST!
The Snowball Method to pay off debt FAST!
The Avalanche Method to Paying Off Debt
Snowball vs Avalanche vs Tornado - which debt payoff strategy is right for YOU?
**I am not a licensed financial advisor. I am a money expert and I offer education, tips, tricks and my opinions around money. You should consult a professional who understands your needs in order to make the best decisions for you! Additionally, some links in this blog may be affiliate links, which means if you click the link and buy the product I may earn a small commission - at NO COST to You! It’s one of the ways I keep the lights on around here so TYIA! 😉
