Which debt should you pay off first?Read More »
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Which debt should you pay off first?
Views: 325 A good strategy could help you pay off your debt earlier. To devise an effective strategy you need to first understand a few key concepts. If you pay off the debt with the highest interest rate first, you will save money on interest. If you pay off small debts first, you will be more motivated to continue pursuing your financial discipline. Reallocating debt to another creditor with lower interest rate, such as through balance transfer, can save you money on interest. You don’t have to pay off a very low interest loan whose interest is less than your …
