You may think the clear answer is apparent, but it is more complex than this indicates.
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Let’s imagine you’ve got $50,000 in education loan debt and $5,000 in credit debt. One should you put the extra money towards if you get a big tax refund this year, which?
The brief solution is credit debt should typically become your priority, but much like many personal finance subjects, there is no one-size-fits-all response. When you’re into the lucky place of experiencing supplemental income to make use of toward financial obligation repayment, here’s a rundown of what you ought to think about.
Good financial obligation vs. Bad financial obligation. Rate of interest factors
Numerous economic planners, myself included, divide debts into two primary baskets: good debts and debts that are bad. Continue reading Can I Repay My Bank Cards or Figuratively Speaking?