So you have five different credit cards with high balances and you want to pay off all of your debt are start clean. Which credit card do I pay off first?
Many will want to pay off the one with the smallest balance first, then the second lowest balance next and so on saving the highest balance credit card for last. While this does give our human minds a great sense of accomplishment it is not the way to save money.
The best way is to pay off the highest interest rate credit cards first. You will save a ton of money in the long run. If one of your credit cards has a 9.9% interest rate and you owe $600 on it but you have another credit card that charges you 24.99% interest and you owe $2000 on it you got to tackle that 24.99% interest credit card first. Many credit cards have high interest rates like this and if you are not paying them off quickly it will cost you a ton of money. So remember, the best technique is to pay off debt with the highest interest rate first
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