THE GOLDEN RULE OF DEBT
“Start by paying off debt that carries the highest interest rate first,” says Peter Hewett, CFP and 2014 FPI Financial Planner of Year Winner. You should further be trying to consolidate the debts you have left into a single, low-interest account and pay that off.
Gerald Mwandiambira, CFP and 2014 FPI Media Award Winner, says paying off expensive debts f irst will allow you to stop accumulating excessive interest every month and start paying off the principal amounts. “Never pay just your minimum payment, as this often is just paying the interest to service your debt. Make it a rule to always pay more