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Saturday, October 11, 2008

Which Debt to Pay Off First--Not so Controversial After All

I had another thought about my earlier post about debt reduction strategies. Paying the highest interest rate debt first shouldn't really be inconsistent with paying the smallest balance first. I don't know what the rest of you do, but if I have a high-interest rate on a credit card and the credit issuer won't do anything about it, I transfer as much as possible to a lower-rate card. So by definition, my higher rate cards are also my smallest balances. Don't know why I didn't think of that before. Duh.

Futher Reading:
Five Essential Skills for Living with Plastic from Get Rich Slowly (This article is for people who are not in trouble.)
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