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Paying off debts strategy ?
Debtfreewannabee91
Posts: 13 Forumite
Is it better to try and get the debt with the shortest time left to pay off first or the one that I owe the highest amount of money on first ?
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Comments
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The one with the highest interest should be first
What do you owe and at what rate?0 -
As long as the debt with the highest amount on is at 0% interest I would focus on the debt with the shortest time left to pay off.LBM-November 2019 - Total Debt £28,000/PAID!0
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Most expensive first as HI says. If they are all at 0% the one which expires first.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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I would go for the highest interest rate first then when youve paid that put the money you were paying on that one towards the next debt , etc that way you can pay them off quicker, i am about to start that myself on my next pay day end of this month , good luckpaid off £27,527.47 debt free journey began Nov 2017 DEBT FREE 13.09.2019!! EF £3500/£50000
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