what to pay first
Date: Fri, 11/30/2007 - 08:33
Where to start
Good question. There are normally two ways to tackle the debt. They are pretty similar.
The first is to look at all your debt and compare interest rates. The one with the highest interest rate gets paid off first. You put all the extra money you can into that one debt. Then when it is paid off you take the monthly payment you were paying toward that debt plus the extra and put it toward the debt with the next highest interest rate. Until all debts are paid off.
The second is to take the debt with the shortest payoff time. So look at all your debt and see which one has the fewest number of payments left. Put your extra money toward that one and when it is paid off put all the money toward the debt that can be paid off the next fastest.
Most people on this plan can get out of debt in 5-7 years. If you can put all your extra income toward your debt. Based on debt to income ratios.
Good luck and keep at it! It's worth it.
Sals-What kind of debt do you have? Lets see if you have any deb
Sals-What kind of debt do you have? Lets see if you have any debt with collateral attached then take it from there.
I would take one the ones with revolving interest first especial
I would take one the ones with revolving interest first especialy if you are still able to make your other payments on time.
Hopefully the poster will come back with more info so we can add
Hopefully the poster will come back with more info so we can address accordingly.
