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Research Personal Finance: Get Out of Debt

Your one place to get all your questions answered about all things money related

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


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