How we can reduce our debt

Many people do not effectively manage their debt but juggle multiple debts with different terms and interest rates.

The most effective way to pay off debt is to focus on the loans with the highest interest rates first. However, research shows that consumers who manage mult...

• Paying off the little debts can give you confidence to tackle larger ones. It’s recommended to focus on debts with the higher interest rates, but sometimes a moral boost is worth it.
• Don’t cosign loans. If the borrower misses a payment, your credit score plunges and the...

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.

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