Goal: To effectively manage and pay off high-interest debts.
Instructions:
-List all your debts, including credit cards, loans, and other outstanding balances.
-Organize your debts by interest rate, with the highest interest rate at the top.
-Assess your budget to determine how much extra money you can allocate towards monthly debt repayment.
-Focus on paying off the debt with the highest interest rate first while making minimum payments on other debts.
-Once the highest-interest debt is paid off, move to the next one on the list and continue until all debts are cleared, never decreasing the amounts paid.
