One of the best things you can do for yourself is to get out of debt. Besides feeling greater freedom without a constant financial burden hanging over your head, you also have the liberty to buy some things you have always wanted. Getting out of debt is not always easy, but it will be even more difficult if you make the following mistakes.
Pay Off the Debt With the Highest Interest Rate First
If you want to get out of debt fast, you need to put your money where it will reduce your debt the fastest. Paying off your largest debt first may not be the best way to reduce your debt fast. Instead, put extra money toward the debt having the highest interest rate. Debts with low-interest rates—such as your mortgage—are considered “safe” debt….