Prioritize your debt

Attack debt systematically rather than trying to pay the same amount to everyone.

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Attack debt systematically rather than trying to pay the same amount to everyone.

Start by paying off your highest-interest debt — credit card debt is usually the worst. Then move on to car loans and your mortgage.

If you’re carrying a lot of high-interest rate debt, talk to your bank about the possibility of taking out a lower-cost consolidation loan, backed by your home, and use that money to pay off your most expensive debt.

19 comments on “Prioritize your debt

  1. A loan allowing you to combine multiple debts and monthly payments into a single loan with a single payment will leave you with more income at the end of the month.

    Reply

  2. How does CONsolidation change your behavior on spending.

    Reply

  3. Personal finance is 20% knowledge and 80% behavioural. While debt consolidation can be helpful (usually not), it doesn't help change behaviours. Many who consolidate debt begin to accumulate more debt in less than 3 years.

    Reply

  4. Attack debt by finding ways to make more money.

    Reply

  5. A debt counsellor actually told us to pay off the smallest credit card debt first. I was stunned. Glad to see Im right in sticking to my guns and going with the highest interest rate first.
    @Glemro…great point! I have a friend who refinanced to a cheaper mortgage and got a consolidation loan…only to run up all his credit cards again! He works a great job and makes good money but is back to whining about how broke and in debt they are. A wise person knows his/her temptations and limits and manages them.

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    • a wise person would have a BUDGET . Debt consolidation does not change the behavior. Paying smallest debts to largest gives you a quicker sense of accomplishment and gives you more intensity to pay off the rest as quick as possible. Good luck in becoming debt free!

      Reply

  6. Hi! I found your blog via this post and I liked it so much I’ve subscribed to your rss feed. Thanks for such great content!

    Reply

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