![]() The longer you’re paying on your debts, the more likely you are to get frustrated with the process. Paying off your credit card debts according to the interest rate is a smart move, mathematically speaking, but can take longer to reach your first repayment milestone. You could base your decision on the balance of each debt or just choose the one that you’re most desperate to pay off. If you have several high-interest debts at the same rate, you’ll need to decide which one you want to eliminate first. You need to at least be able to pay the minimums on everything else. You also need to think about how much money you’ll be able to put towards your other debts. If you really want to attack the debt, you need to throw as much money as you can towards it each month, especially if your balance is high. This means just paying the minimums isn’t going to cut it. It’s likely that more of your payment is just going to interest rather than the principal balance. If you’re planning on attacking your highest-interest debts first, there are a few things you’ll need to keep in mind. Related: The Best Balance Transfer Credit Cards Paying down the accounts with the highest interest rate first allows you to save money in the long run since you’re knocking out the most expensive debts first. If you’re forking over hundreds or even thousands of dollars in interest each month, it can be nearly impossible for your debt pay off plan to gain any traction. Some types of debt are more expensive than others.
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