One of the best ways to speed up the repayment of your debts is to focus your attention on paying off the loans that carry the highest rate of interest first. Get rid of the debts that cost you most to service.
Hereâs what to do. Compare the interest rate on each of your loans and repay those with the highest rate first. The only way to do this is to look at the rate of APR on each of your debts. Thatâs the only way to decide which debt is more expensive. If youâre unsure, check your loan agreement or ask the lender.
Then, itâs just a case of throwing everything you can at the debt with the highest APR (provided you can still make the minimum payments on your other debts).
Then move on to the next View the rest of this article