Paying Down High-Interest Debt

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Hey Coach,

You Can’t Win If You’re Always Playing from Behind.
Imagine trying to run your best offense while spotting the other team 20 points every game. That’s what it’s like carrying high-interest debt.

Whether it’s credit cards, personal loans, or store financing—high-interest debt silently steals your progress.

This week, we shift focus to playing financial defense.

🚨 What Is High-Interest Debt?

Any debt with an interest rate over 7% should grab your attention.
Most credit cards? 15–25% interest.
It’s like calling the perfect play—and still losing yards every down.

💸 Why It Hurts

Let’s say you owe $10,000 at 20% interest.
That’s $2,000 a year—just in interest.
And that’s before you even start making real progress.

The longer you carry it, the harder it is to break free.

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🧠 What To Do First

Step 1: List all your debts
Include:

• Balance

• Interest rate

• Minimum payment

Step 2: Choose your payoff strategy
🏀 Avalanche: Pay off the highest-interest debt first (saves most money)
🏀 Snowball: Pay off the smallest balance first (builds momentum)

Pick your style—but be consistent.

🔁 Automate Your Attack

Set up automatic payments for your minimums.
Then throw every extra dollar you can at the target debt.
🎯 Side hustle? Extra camp income? Game check?
Put it on the scoreboard.

🏦 Coaching Tip

Consolidating debt with a lower-interest personal loan or 0% balance transfer can help, but only if you stop adding new debt.

This isn’t a timeout—it’s a reset.

💥 Why This Matters

Every dollar of interest you don’t pay is a dollar you can invest, save, or spend on what matters.

Eliminating high-interest debt gives you freedom, flexibility, and a massive boost to your future.

📝 Coach’s Challenge This Week:
List your debts.
Choose avalanche or snowball.
Make your first focused extra payment today.

The scoreboard might not move overnight—but the momentum will.

Want more weekly wins for your wallet?
Subscribe to Wealth4Coaches:
https://wealth4coaches.beehiiv.com/subscribe

See you next week,
Coach Mike Klinzing
Founder, Wealth4Coaches
"Coach smarter. Save better. Live freer."

#CoachMoney #CoachSmarter #Wealth4Coaches

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