There are many different theories out there about paying off debt. Some believe in putting every penny you can into paying off your debt, and paying it off as soon as possible. Others believe in paying down your lowest balance debts first (even if they have a low interest rate), then working your way up to larger debts (this is referred to as the snowball method). Perhaps the most financially optimal method of paying off debt is paying off your debts with the highest interest rate first, then moving on towards lower interest debts.
How to Pay Off Debt
How to Pay Off Debt
How to Pay Off Debt
There are many different theories out there about paying off debt. Some believe in putting every penny you can into paying off your debt, and paying it off as soon as possible. Others believe in paying down your lowest balance debts first (even if they have a low interest rate), then working your way up to larger debts (this is referred to as the snowball method). Perhaps the most financially optimal method of paying off debt is paying off your debts with the highest interest rate first, then moving on towards lower interest debts.