Quote:
Originally Posted by GregWeld
On topic a little more -- and I haven't done the math to back up my statement I'm going to make - but I think the math would back me up...
Some of these credit card companies are charging near 25% interest... so while you might feel better paying off the smallest amounts first -- the INTEREST is going to eat you alive while you're doing that.... which is why most advisors recommend you pay off the highest interest balances first.
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Very good advice Greg.
I've never been in debt, but if I had been, I would attack the higher interest rates first as those seem to only GROW if you do not pay them down. Send in as much as you can to pay it off asap. If not, you are not even putting a dent into the principal amount.
GOOD LUCK!!
Brian Hobaugh SCCA National Tour June 2014
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