in debt? How the ‘avalanche’ and ‘snowball’ methods of paying off debt work

  • Atahualpa Amerise
  • BBC News World

Woman in agony while holding bills

Credit, Getty Images

Mortgages, automobiles, appliances, credit cards… debts accumulate and, without knowing how, we are left with the rope around our neck.

This is happening to more and more people all over the world.

World private debt rose by 13% of global GDP (Gross Domestic Product, sum of goods and services of a country) in 2020, the biggest increase in the last two decades, the International Monetary Fund (IMF) said this month.

In some Latin American countries, the majority of the population owes money to financial institutions, as is the case in Peru, where more than seven in 10 people said they were in debt in a recent survey by the consultancy Datum.

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