School loans, car payments, credit cards… the list of potential debt areas is pretty extensive. We’re all aware of the benefits of paying off debt, and if you’re like me, you probably get a kick out of paying a little extra or finally wiping out a credit card or loan from your list of monthly bills.
So what’s the hack? In order to get the best bang for your buck, follow these 2 steps:
1. Always make your monthly payments. Pay on time to avoid late fees, and where possible, keep credit cards as close to a $0 balance as possible.
2. When you have the freedom to do so, pay down your HIGHEST INTEREST debt first. Focusing on the debt that’s costing you the most money over time will save you money in the long run. Don’t pay above and beyond the required amounts into your other loans.
Interested in learning more about managing your finances? Why not give us a call at 409.276.2525 or come in and visit with a friendly Eastex representative today!