debt

7 savvy steps to escape the credit grid

Finding extra money
Next
6 of 9
Back
Finding extra money

If you find extra money in your budget and you're serious about getting off the credit grid for good, consider applying it to your debts.

There are two schools of thought on which debts to attack first. One method is to begin paying down the smallest debts first. Doing so can boost your confidence and free up more money in your budget to attack the next smallest debt, and so on.

The other school says to attack the debts with the highest interest rates first, regardless of size. Paying those debts off will save more in interest than paying down a smaller debt with a lower interest rate.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CREDIT CARDS WEEKLY NEWSLETTER
Credit cards on a table

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

Debt Adviser

Pay off $50K card debt fast?

Dear Debt Adviser, I have a debt of $50,000 from balance transfers and credit line accounts. If I were to pay just the minimum due every month (which is what I can afford now) how long will it take to clear including... Read more

advertisement
Partner Center
advertisement

Connect with us