Which is the best debt to pay off first higher balance or higher interest rate?
Answers | 1
Answered by Brenda Carlson
June 05, 2017
That will depend on your credit history and your current credit score. Typically you would want to pay down those with the highest interest rate first but if you are trying to work to improve your credit scores you will want to make sure your credit balance is not at or close to your credit limit. You also need to look at how may revolving accounts you have open and what again what percentage of credit are you using. If you have several revolving lines of credit and typically carry a higher balance may be hurting your credit score.
Asked by Kraig
Asked by Yvette
Answered by James L Roberts
Independant Consultant in Lake Worth, FL
This question poses an either/or scenario between student loans and credit cards a...