 TITLE: Which Debts Should I Pay Off First? CONTENT: Which Credit Cards Should You Pay Off First?\n--------------------------------------------\nIf you've decided to focus on your credit card debt first, and have multiple accounts, prioritize the card with the highest interest rate to save more money on interest.\nTo maximize your savings, use the debt avalanche method: Make just the minimum monthly payment on all of your cards except the one with the highest interest rate. With that account, put all of the extra money you can afford to pay it down faster.\nOnce you've paid off the balance on the card with the highest interest, take all of the money you were putting toward it every month, and apply it to the card with the next-highest rate in addition to the minimum payment you're already making. Again, you'll continue to pay just the minimum on your other cards.\nYou'll repeat this process with each card until all of your credit card debt is paid off. The strategy is called the debt avalanche method because your payments will increase with each successive card, accelerating your progress more and more.\nAnother way to approach your credit card debt is with the debt snowball method. This approach works mostly the same as the debt avalanche method with one key difference: Instead of focusing on your balance with the highest interest rate first, you'll pay down your smallest balances first.\nThis approach won't save you as much money as the debt avalanche method would. But if you've struggled to get and stay motivated with debt payoff, getting quick wins in the form of paid-off accounts can help you keep that momentum going. END