trading screen How to Pay Off Debt | Fidelity

Watch this video to learn more about the three tips that can help you tackle your debt faster.

To find more tips about investing for beginners, visit:
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Credit cards, loans, mortgages – there’s a variety of different types of debt, so which should you pay off first? By prioritizing your debt, you can create a step-by-step plan that helps to get f the bad and expensive kind fast, while reducing what youll owe in interest.

Here are some tips for taking control of your debt:

1. Start with high interest credit cards. Minimum payments are typically low, and paying only this amount each month will take longer to pay off the balance, and cost you more. Tackle credit cards in the order of their interest rate, starting with the highest. Pay as much as you can towards this credit card and pay the minimum on the others. When the balance is zero, focus on the balance with the next highest rate, and so on.

2. Pay off your most expensive student loans. Private student loans generally carry higher interest rates than government loans. If your private student loans interest rate is above 8%, pay it down next, especially if you’re not eligible to claim the student loan interest as a tax deduction on your income taxes.

3. Keep up with regular payments – mortgages, car loans, and government student loans generally have lower interest rates, and some offer tax benefits, but don’t forget about them. Make just the minimum payments on these types of obligations while you’re paying down your higher interest debt.

As a guideline, many advisors suggest that your overall debt shouldn’t exceed 36% of your gross income. Managing your finances well helps to free up money from debt payments, enabling you to put away savings for good use - like an emergency, unplanned expenses, and retirement. Together, we can review your debt and help you prioritize it so you have a plan to get and keep it under control.

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917

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trading screen How to Pay Off Debt | Fidelity
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