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Huge credit card bill or loan? This strategy will help you to quickly clear debt
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debt avalanche strategy for repaying debt involves paying off loans with highest interest rates first. 2.One must make minimum payments for all debts to protect the credit score, but any extra money should be routed to the loan with the highest rate.
3.Once your debt with the highest interest is paid, move to the next debt with the highest interest. 4.Since the highest interest rate loans are the most costly, paying these first is likely to bring down the interest burden.
5.Lower Interest rate loans generally do not hurt the financial situation as much as high interest loans. Hence, they can be paid off later.Content on this page is courtesy Centre for Investment Education and Learning (CIEL).
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