There are two main strategies for paying off debt. I’m sure you’ve heard of both:
- 1. Pay off your debt with the highest interest rate first, or
- 2. Pay off your debt with the lowest balance first
Both are fine options and I wouldn’t disagree with you for choosing either of these methods, but I’ve got a third debt elimination plan for you to consider. One that I don’t think you’ve heard of yet.
- 3. Pay off the debt which you hate the most!