When paying off debts, is it advisable to start off with the larger or smaller o

  1. Jimmy K Junior profile image59
    Jimmy K Juniorposted 6 months ago

    When paying off debts, is it advisable to start off with the larger or smaller ones?

  2. nochance profile image94
    nochanceposted 6 months ago

    You should either start with the one with the smallest balance (then once it is paid off you add that amount of payment to the next smallest debt). Or you will save slightly more in interest payments if you start with the one with the highest interest rate and focus on paying it off as quickly as possible.

    There are a ton of articles out there each giving you info about why their option is better.

    https://www.moneyunder30.com/snowball-v … od-is-best

 
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