Paying Off Loans Smallest to Largest

Take my advice, pay off loans starting from the smallest amount making your way to paying off the largest last. So many people focus on the highest interest rate first but like anything else it’s best to get momentum.

People who have the most success losing weight, start off by losing 1-2 pounds a week and do this for several months. People who focus on losing 10-20 pounds in 1-2 weeks usually quit because they have a hard time building traction. It’s all about slow and steady progression. The same is true when it comes to paying off debt.

Put your resources to paying off the small loans that you inquired and closing those accounts if they are credit cards. If they are student loans, the bank that issued you the loan will send you a paid in full statement. If you don’t receive anything from the bank, make sure you contact them and make them send you a letter in writing stating that you no longer owe them anything.

What ends up happening so many times is people get behind on their loans and they end up having to get another loan to cover previous ones. I know, it sounds weird, but not to a lot of people, this is the way of life. If this is you, visit Yeti loans and see if their rates work for you. You can always walk into a bank and see if they’ll lend you money however know that they are going to run your credit. Remember that you lose points every time somebody runs your credit so don’t get in the habit of applying for credit at every store you walk into.

Remember it’s all about staying focus so you can pay your debt off and live debt free.

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