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Tips For Paying Off Debt

What’s the right order to pay off debt?

Most of us are carrying at least some debt. So what’s the best order to pay it off? A new survey asked average Americans what they think.

Here are five different types of debt, and how we prioritize them…

1. 40% said paying off your CREDIT CARDS should be the top priority. Which makes sense, because they usually have the highest interest rates.

2. 28% said paying your MORTGAGE should be first. You don’t want to lose your house, so that makes sense too. It only applies if you already own a home though.

3. 7% said paying off their STUDENT LOANS is #1. Those usually have a lower interest rate though, and you’ve got a long time to pay them. So it’s not the end of the world if you just have to do the minimum monthly payment for a while.

4. 4% said paying down a HOME EQUITY loan should be the top priority. Not all homeowners have those though.

5. 3% said paying off their CAR loan is the most important thing.

Another 17% of people in the survey said they’re not sure what the right order is, and the remaining 1% would choose to prioritize some other random debt.
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