Whats the best way to pay off personal debt?
Pay off my debt is a common question asked by many thousands of adults each day but how exactly is the best way to achieve this? Pay off your highest interest rate card first (or your lowest balance, if that is easier). Pay as much extra as you can. Once it is settled, grab whatever you were spending on the original card, and assign all of it to your subsequent highest rate card. Once that is paid off, take what you were paying on both cards and pay off the next debt. Keep doing that until all debts are paid. Then when all the debts are paid off, take that nice monthly sum and start a savings account. Get ten to twelve thousand dollars retained for a crisis fund. Then locate a decent financial planner and begin investing the remainder in a competent mutual fund. Also, to help pay off my debt quicker stop making new purchases on the cards you have. Design a plan to pay them all down to zero remembering that if you are paying on the minimum then you are building your debt. Start chipping
