Paying off debt: Targeting High Interest First

Most of us have taken debts in one form or the other – Student loans, credit cards, car loan, personal loans etc. When it comes to paying off debt there is always a debate on the best mode to pay off debt. Last month we talked about the Debt Snowball method and how it can keep one motivated to pay off debts by the quick wins of clearing off the smallest debts first. This month we…

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Know your credit card better

Generally speaking, a credit card is used to make purchases with money you don’t actually have. This isn’t necessarily a bad thing – you may be using it as a loan to bridge you to payday, or to spread the cost of something expensive. What is the APR? All credit cards will have an APR – Annual Percentage Rate. This is the rate at which you will accrue interest on the card. The lower the…

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