3. Try to pay off the debt with the higher interest first
Paying off the debt with a higher interest first is a well-known method that many Americans are trying it nowadays. Wondering how it works? Well…let’s imagine that you have three credit card accounts and all three have revolving debt.
With this surefire strategy, you should take two of your credit card accounts and make the minimum payments on them each month. When it comes to the third one (which is usually the one with the highest interest rate), you should pay off debt with as many dollars as you can.
As soon as you pay the third card, take the amount of money you have on the third card and then put that sum toward the next card you own with the highest interest rate.
