Here’s how to decide what debt you should tackle first

heres how to decide what debt you should tackle first

Sumary of Here’s how to decide what debt you should tackle first:

  • In 2020, consumer debt ballooned to a new high of $14.88 trillion, a 6% increase from the previous year, according to credit rating company Experian..
  • Included in that total is many different kinds of debt, including credit cards, student loans, mortgages and more..
  • Interest rates on a credit card, for example, can be as high as 30% and may even compound daily, meaning they can quickly grow even more if they aren’t paid off..
  • Debt in the yellow zone has lower interest rates, is generally longer-term and might have some tax advantages, such as a home equity line of credit, federal student loans, both of which have some deductibility….

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