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Which Debt Repayment Strategy Is Right For You

debt repayment strategy

People take on debt for many reasons, paying for a house or dealing with one of life’s emergencies. Regardless of your circumstances, being in debt can be hard to get out of especially when you factor in interest costs. But you are not alone! Do you have a favorite debt repayment strategy?

According to Reuter.com, total household debt grew by $1 trillion last year, marking the largest increase in overall debt since 2007, according to the New York Fed’s quarterly report on household debt and credit. The total debt balance is now $1.4 trillion higher than it was at the end of 2019.

When carrying multiple debts at one time, it can be difficult to figure out where to focus your repayment efforts first. To find your best debt-repayment strategy, consider your preference for saving money on interest and the amount you can pay each month.

Take a look at these debt repayment strategies.

The post Which Debt Repayment Strategy Is Right for You originally appeared at Everything Finance.