Do You put more money.........
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Do You put more money.........
| Wed, 01-11-2006 - 9:15pm |
towards the debt with the highest interest first or the one with the smallest balance?
Holly
| Wed, 01-11-2006 - 9:15pm |
towards the debt with the highest interest first or the one with the smallest balance?
Holly
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Holly, if you are asking for advice, it depends. :-)
If your "lowest amount owed" is small enough to pay off in 6 months or less, I say PAY IT OFF! However, if your "lowest" is still large enough to take longer than 6 months, pay on the highest interest rate first.
That is just MY opinion. :-)
We have 3 credit cards, all with high rates, but the highest owed has the highest rate...so we are focusing on that first.
~Aravis~
GOOD LUCK~
I paid lowest first b/c I have to see some fast action to feel like I am making progress.
Pumpkin
&nbs
We've done it both ways, so it's personal preference. After DH & I completed Dave Ramsey's Financial Peace University in December, we are putting extra money towards all of the smaller debts then our highest interest debt then our fixed debt (car payments). I would like to have a visit from the Lottery Fairy and just pay them off at once but until then this is what our plan is. LOL
Susan
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