There are two basic methods people use to determine which debt to pay off first. Some people advocate paying the highest interest rate debt off first. They advocate doing so as this will save you the most money the fastest. Others recommend the “snowball” approach. In the snowball approach you pay the smallest debt first, working your way through your debts from smallest to largest. Snowballers advocate this approach as the quick success of seeing debts gone motivates you to continue – you get some instant gratification from seeing little debts gone and may be more likely to continue with debt reduction. Which method do you prefer and why?

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Posted by Peter Neeves (MONEY FORUMS: 1, Answers: 59)
Asked on August 21, 2017 2:56 pm