How we can reduce our debt - Deepstash
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How we can reduce our debt

  • We can set up automatic payments to the debt with the highest interest without regarding how much is owed on it.
  • We can consolidate multiple debts into a single loan. If you have five different loans with different interest rates, your loan servicer can consolidate each debt into one payment.

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How we intuitively manage debt

How we intuitively manage 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...

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Psychological processes behind debt account aversion

  • The Prospect Theory suggests individuals are more sensitive to a loss than a gain of an equal amount. The urge to get in the black is so strong that people are motivated to pay off small debs without considering their interest rates.
  • The Goal-Gradient Theor...

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"Money doesn't buy class." ~ Kiana Tom

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How we intuitively manage debt

How we intuitively manage 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...

How to Keep Debt at Bay

How to Keep Debt at Bay

  • 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...

Consolidate Debts 

Consolidate Debts 

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...

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