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Which debt should you pay off first?

When it comes to paying off debt, the best way to go about it is by prioritizing which debts you should pay first. Knowing which debt to tackle first can help you stay on track of your goals and make progress towards becoming debt-free.

There are two main strategies for deciding which debt should take priority: the Debt Avalanche method and the Debt Snowball method. The Debt Avalanche involves organizing your debts in order from highest interest rate to lowest, then making payments on those with the highest rates first. This strategy allows you to reduce total interest costs over time by eliminating high-interest balances faster. On the other hand, the Debt Snowball method starts with paying off smallest balance loans first, regardless of their interest rates. This approach keeps short-term motivation high since you’ll be able to knock out a few smaller accounts quickly before tackling larger ones down the line.

The Law Offices of the Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.

Our goal is to help you find a fresh start FAST!

Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706

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