How to pay off high interest debts


So How do you pay your debt off?πŸ™„

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Paying high-interest debts first is the best way to save money in the long run but it may not suit your finances well.⚠️
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Your first move should be to ask your lender for a lower APR,πŸ“© if this doesn't work then you should move the debt to a cheaper interest rate.πŸ“‰πŸ“ If you need more time before you can begin making your payments you can look for a balance transfer credit cardπŸ’³ or any credit card which offers your a no interest introductory period for a few months or even more than a year.
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If you are unable to get a balance transfer or normal credit card with a cheaper rate and preferably a 0% introductory period then you can get a debt consolidation loanπŸ’°πŸ’‘ which you can use to pay off all your current debt and then repay the debt consolidation loan..which ideally has a cheaper interest rate than your debts and offered you some interest savings. β €
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Tackle Smaller Debts First Or..πŸ•―

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Getting rid of high-interest rate debt first may not be the best strategy for you. Paying off some smaller balances would free up money to put toward your larger, high-interest rate debts. Make a listπŸ“’ of your debts to figure out which can be paid now and which must wait.
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Pay as Much as You CanπŸ’ΈπŸ’΅

Because so much of your monthly payment goes toward interest,πŸ’‘πŸ’‘ you have to increase the amount of your payments. You'll be more successful if you pay the minimum on all your other debts and put all your extra money toward a single high-interest rate debt. Once you've paid off one debt, you can work on the debt with the next highest interest rate, and so on.πŸ€—πŸ€“ If you find you are in a difficult situation then GET DEBT COUNSELLING from @moneyawareand any other debt charity. They provide free impartial advice.🚸

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