Today's update is about which order you should pay off your credit cards in. A lot of people make the mistake of thinking that you should pay off credit cards according to the amount that is owed. For instance, people who have several credit cards ranging from balances of $1,000 up to say $10,000 think they should automatically concentrate on the lowest balance first. I believe it's best to first pay off the card with he highest interest rate. In the long run you will probably pay more over time for the card with the higher interest rate than you would on the card with the lower balance or lower interest rate. It requires doing some math on your own personal situation but most people feel it is best to pay off credit card accourding to interest rate charges.
Take your time and work out your own plan of action. You may choose to do it differently which is good because everyone's credit card debt is different so you certainly have to figure out what the best way to pay off is for your situation and hopefully your plan will also save you the most money. You CAN do this!
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