Pay off highinterest debts first from "summary" of Let's Talk Money by Monika Halan
When it comes to managing your finances, one of the first steps you should take is to pay off any high-interest debts that you may have. These debts can quickly spiral out of control if left unchecked, as the interest charges can add up over time. By prioritizing the repayment of these debts, you can save yourself a significant amount of money in the long run. High-interest debts typically include things like credit card balances or personal loans with high interest rates. These debts can be particularly damaging to your financial health because the interest charges can quickly eat into your monthly budget. By focusing on paying off these debts first, you can free up more of your income to put towards other financial goals, such as saving for retirement or building an emergency fund. In order to pay off high-interest debts effectively, it's important to have a plan in place. Start by making a list of all of your debts, including the total amount owed and the interest rate for each one. Once you have this in...
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