Quote:
Originally Posted by Mycroft  "you should always look to pay off the ones with the highest interest rates first."
That makes sense from a financial planner perspective, but for folks who are in debt up to their eyeballs, it's better to go with the psychological boost that comes from tearing up CCs and bills by knocking out some lower balance debts and focusing all that money on the next one up the ladder. |
That online debt reduction tool I mentioned does all the math...and it's not necessary the best to pay off the highest interest first from what I'm told. It's a Huge math problem and takes into account interest AND TIME...and important distinction. So like I said, it does the math and then ranks debt according to the pay off you should use. I have a free demo....I'll be back with a link. A link to a free financial analysis with your debt-free date, how much interest you have to pay now vs. how much if you use the roll-down method...VERY COOL