Pay off high-interest debts
4. Pay off high-interest debts first and consider debt consolidation if it makes financial sense. Minimizing your debt burden will free up resources to invest and save.
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Top 10 strategies of financial success will set you on the path to financial prosperity.
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Similar ideas to Pay off high-interest debts
Consolidate DebtsÂ
If you have debts with a high-interest rate, a balance transfer might be a good option and even offer perks such as 0% APR and rewards programs. Ensure you consider the balance transfer fees, and pay down the entire transferred balance during the introductory period if possible.
I...
Pay Off High-Interest Debt
Pay down your high-interest debt as quickly as possible.Â
While some types of low-interest or tax-deductible debt can help you along the way, high-interest debt rarely has a good purpose.
Things To Do Before Focusing On Building Wealth
- Create a budget and stick to it
- Pay off your debt – especially high-interest credit card debt
- Learn how to save money to cover unplanned expenses
- After establishing an emergency fund and becoming debt-free, go all-in on building wealth!
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