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How can I prioritize paying off different types of debt?

Curious about Handling debt

How can I prioritize paying off different types of debt?

To prioritize paying off different types of debt, you should consider the interest rates and balances of each debt. Start by making the minimum payments on all debts to avoid late fees and negative marks on your credit report. Then, focus on paying off the debt with the highest interest rate first. By doing this, you'll be able to save the most money on interest over time. If you have multiple debts with high interest rates, you may want to consider consolidating them into a single loan with a lower interest rate. However, keep in mind that consolidation loans often come with fees and may extend the length of time it takes to pay off your debt. Ultimately, it's important to create a debt repayment plan that works for your individual situation and stick to it consistently.

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