So How do you pay your debt off?🙄
Paying high-interest debts first is the best way to save money in the long run but it may not suit your finances well.⚠️
Your first move should be to ask your lender for a lower APR,📩 if this doesn't work then you should move the debt to a cheaper interest rate.📉📍 If you need more time before you can begin making your payments you can look for a balance transfer credit card💳 or any credit card which offers your a no interest introductory period for a few months or even more than a year.
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 loan💰💡 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. ⠀
Tackle Smaller Debts First Or..🕯
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 list📒 of your debts to figure out which can be paid now and which must wait.
Pay as Much as You Can💸💵
Because so much of your monthly payment goes toward interest,💡💡 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.🤗🤓 If you find you are in a difficult situation then GET DEBT COUNSELLING from @moneyaware and any other debt charity. They provide free impartial advice.🚸