Should you pay off smallest debt first or highest interest rate

So, you’ve decided to pay off your debt. (Come on, somebody!) But there’s one important question you need to answer before you can get started: Which debt do you pay off first?

You might think your best plan of attack is to start with the debt that has the highest interest rate.

And most financial gurus out there would probably agree. But I’m not one of them.

Disadvantages of paying off debt

See, I’ve learned from my own experience in paying off large amounts of debt that money isn’t always about the math. In this case, it’s mostly about mindset and motivation. You need a plan that actually works—a method that will keep you from quitting, instead of one that’ll have you frustrated and ready to faint.

I’m going to show you the plan that helped me and my husband pay off almost half a million dollars of debt!

Which Debt Should You Pay Off First?

Let’s cut straight to it: If you’ve got multiple debts, pay off the smallest debt first. That’s right—forget about the interest rate and focus on the smallest debt first.

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