Read the full story here: https://gulfnews.com/your-money/budget-living/pay-down-debts-in-the-right-order-messing-up-your-payment-sequence-can-cost-you-big-1.1689602639522
See more videos at https://gulfnews.com/videos
Read more Gulf News stories here: https://bit.ly/2HLJ2km
Subscribe to Gulf News on YouTube and watch more of our videos: https://www.youtube.com/user/GulfNewsTV
#UAEnews #loans #money
See more videos at https://gulfnews.com/videos
Read more Gulf News stories here: https://bit.ly/2HLJ2km
Subscribe to Gulf News on YouTube and watch more of our videos: https://www.youtube.com/user/GulfNewsTV
#UAEnews #loans #money
Category
🗞
NewsTranscript
00:00Are you putting money towards higher debt balances?
00:03UAE-based debt advisors caution against it.
00:07Here's why.
00:08Paying high-interest debt can often get complicated, as it makes sense to attack debts with higher
00:14balances first.
00:16However, higher-interest credit card debt can pile up much quicker.
00:21But if you don't pay your auto loan on time, your car will get repossessed.
00:25And if you don't pay your home loan on time, your home can get foreclosed.
00:30So how do you prioritize your debt payments?
00:32Using a debt repayment strategy like Debt Snowball Method can help.
00:37With this method, instead of focusing on balances with high-interest rate debt, focusing also
00:43on small balances as much as possible can help as well.