Can anyone help me solve this conundrum?
I was having a debate with a friend over the subject of clearing credit
card debts, when one has several credit cards, each with a different
His approach to clearing overall debt as quickly as possible is to pay off
the smallest debt first.
I qusetioned this approach. I put it to him that is makes more sense to pay
down the debt with the highest interest rate first, regardles of whether
it's the biggest or the smallest of the debts.
He is adamant that his approach is best for paying off the overall debt
fastest. I do not see any logic in his approach.
Who has the better approach, him or me?
- posted 4 years ago