Quote:
Originally Posted by ActYourWage
I disagree. Debt does not necessarily need to be repaid from highest to lowest interest rate.
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Let me clarify that.
Paying off debt from highest rate to lowest rate is the method that will save you the most money and get you debt-free the fastest. You don't have to do it that way, of course. There is a mental lift from paying off a debt so some people choose to get rid of the smallest debts first, regardless of interest rate, because it helps motivate them to keep at it. That's fine as long as you understand that there is a financial cost to that method.