High Interest Rates or High Balances: Should I pay off my credit cards?
I am trying to pay off my three credit cards and I need help with a strategy. I have been given a mixed bag of opinions from family and friends but need expert advice. Should I pay my high interest card before my high balance card?
Strategy is key and you have to do what works best for you. You will most often hear that paying off your high interest card is the best choice. However, you need to feel like you are making progress in order to continue paying off your debt. For example, if you have a low balance on one of your cards, it may be beneficial to pay that card off right away. This may empower you and keep you motivated. Keep in mind that budgeting and sacrifice will keep you on the right track. Talk to a trustee to get the personal financial advice you need to succeed.
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