What's the fastest way to cut my debt by 50%?
Answers | 2
However, I can tell you basically that all things being relatively equal, pay on the highest interest debt first while making the minimum payments on any other debts. Make payments above the minimum required on the highest debt, also known as additional principle payments. Pay this debt off first and then apply these payments to the next highest interest debt. This strategy is known as Debt Avalanche. There may also be the argument for paying off the lowest balance first, but without looking at your specific debts and interested rates I can’t tell you which is the most efficient. An online debt calculator may help.