How to Pay Off Debt and Take Control of Your Money via blogging911
that you focus on paying off the debts that have an interest rate greater than 5%. But for the debts with interest rates under 5%, just keep paying the minimums. Once you get to that point, it’s historically been worth putting your extra money toward investing instead.This saves you money because, all other things being equal, knocking out the higher interest rates first will mean you’ll pay less in interest. And paying less means you’ll pay it all off more quickly.
With the snowball approach, your first “self-five” celebration moment will come a lot sooner because you’re paying the smallest balance first. And then, because your payments “snowball” , you get to the next self-five sooner too. And then the next one. And then the next one. The idea here is that our brains like self-fives, so you’ll be more likely to keep going with your plan for the long haul.
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