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Research Personal Finance: Get Out of Debt

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Tips for Getting Out of Debt

There are two major philosophies for the best way to pay your debt off

  • The first is to pay off debt with highest interest rate first
    • Do the math and you will save
    • This only works if you are diligent and very committed
  • Pay debt with smallest balances off first
    • Once one debt is paid off you are able to gain momentum to paying rest off
    • This way you are able to take the payments you were making from the first debt and target it to the next
    • This creates a reward system and helps people feel good about what they are doing

Debt

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