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by Jtsummers
3776 days ago
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Not all articles on this are so clear, but at least this US News one is: The optimal (highest rate first) approach is a slow slog that can be discouraging and result in relapses. The sub-optimal (smallest debt first) approach shows progress much faster, and if paired with the snowball approach (as debts are paid off, freed cash goes to the next debt), it creates the illusion (until high value debts are all that remain) of fast progress. It's psychologically easier to stick with. > But the second is to pay off the smallest debts first and pay the minimum on the other cards. What?!? Again, this article in particular, but the actual recommendation is to pay at least the minimum, which is not the same. |
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