![]() ![]() We'll evaluate the two methods: paying off your highest APR accounts first and paying off your lowest balances first.įor example, if you have a credit card with a $1,000 balance and a 13.99% APR, and a credit card with a $5,000 balance and a 29.99% “penalty APR”, which should you attack first?įor purposes of this article, we will assume, with your current monthly income, that you are able to make at least the minimum monthly payment on all balances. If you’re ready to stop spending, tackle your debt and work towards financial freedom, there are a couple strategies to consider.Ĭompare the pros and cons of each before deciding on the best approach for you. If you are paying hundreds or thousands of dollars each month in credit cards, auto loans, student loans and medical bills, you are not alone.Īnd if you are mentally or emotionally burdened by your debt, you are also not alone.ĭebt is the leading cause of stress in American families. ![]() ![]() Comprehensive Coverage Options Ways to Lock in Lower Homeowners Insurance Premiums How to Choose the Right Life Insurance Policy Compare the Different Types of Health Insurance Plans Popular Reviews Progressive GEICO State Farm AIG Allstate Banking Best Products Best Savings Accounts Best Checking Accounts Best CD Rates Best Money Market Accounts Best Business Checking Accounts Best Student Checking Accounts Calculate Checking Accounts 101 Emergency Savings Calculator Compare CD Rates Checking Accounts Personal Loans Best Products Best Personal Loans Best Debt Consolidation Loans Best Home Improvement Loans Best Medical Expenses Loans Calculators & Guides Personal Loans Calculator Guide to Personal Loans Guide to Refinancing Student Loans How to Consolidate Credit Card Debt Popular Reviews Upstart Payoff Sofi Lending Club Investing Best Products Where to Invest Money Best Brokerages Best Robo Advisors Read & Learn Investing 101 How to Buy First Stock How to Invest in Mutual Funds How to Pick a Financial Advisor How Much to Save for Retirement Popular Reviews Betterment Merill Edge Wealthfront Insurance Best Products Best Auto Insurance Best Home Insurance Best Life Insurance Best Health Insurance Read & Learn Figure Out How Much Auto Coverage You Need Collision vs. ![]()
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