Advertisement

Ways to erase debt

Published: Sep. 27, 2021 at 11:50 AM EDT
Email This Link
Share on Pinterest
Share on LinkedIn

RICHMOND, Va. (WWBT) - If your goal is to get out of debt, and you have more than one credit card, there are several ways to tackle the issue.

Debt is a discouraging and anxiety-inducing word. So let’s take it head-on.

Kim Palmer a personal finance expert with NerdWallet says to write down all of your debt; how much you owe and then next to that number write down the interest rate you are paying on each debt.

“For some people, it can help to tackle the highest interest rate debt first. Other people prefer to knock off the smallest amount of debt just so you can feel that sense of motivation like you’re making progress. It’s really a personal decision,“ said Palmer.

Whichever method you choose it’s so helpful to use a free online financial calculator just to help you stay on track. The calculator can help you map out how much you have to pay each month in order to reach your goal.

Whatever method you choose to tackle the debt - largest first or largest interest rate first - there’s no right or wrong answer. It’s just personality-driven. Do the method that motivates you the most.

Copyright 2021 WWBT. All rights reserved.

Send it to 12 here.

Want NBC12’s top stories in your inbox each morning? Subscribe here.