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. |
Right, that's why I clarrified that if you need the psychological boost, go for it. I'm not disparaging the debt snowball.
I just wanted to point out another option for those looking to save the most money. When it comes to finance, there's rarely one correct answer for everyone.