What is the best way to eliminate debt?

I have three different debts I owe and I am trying to use the best strategy that will work. One method I was going to use was to pay off the debt with the highest interest rate which has 2 years left on it while adding smaller amounts to the other lower cost and interest debts. The other strategy was add a little more to my monthly payment for all debts high and low in order to neutralize them all, but this would take longer I think. Thanks.

What is the best way to eliminate debt?
Congratulations!!





1. You are right to pay off the debt with the highest interest first, BUT you must do this while maintaining at LEAST minimum payments on the other debts.





2. Then choose the next highest interest rate and add the payment you were previously making to the other debt.





3. When that debt is paid off, combine that previous payment amount and pay off the last debt.





4. Now take that money you are already used to putting aside each month to reduce your debt and put it in some form of savings account - each and every month.





You will have developed discipline and will be well on your way to financial freedom





Once again, congratulations!!
Reply:That's a smart strategy to pay off the highest interest rate debt first. And force yourself as much as possible to spend less and pay off debt more.
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Reply:The easiest to make you feel good is to take the smallest debt and put all of your extra to that one. Once that is paid off, roll the amount you were paying towards that one towards your next larger one until it is paid off. Finally, pay off the third one if not already gone by now.
Reply:Method A, except I'd pay only the minimum amounts on the 2 other "minor" loans.





I'd also cut back (quite significantly) all non-essential spending and use the extra cash to pay off debt number one.
Reply:debt consultant told me not to worry about interest pay off smaller one first use that money towards the next smaller one and so forth
Reply:Pay off the highest interest rate debt first. By paying down that principal, that will free up more cash for use toward the other debts at a faster rate.





When that debt is gone, take the payment and extra principal you were using for that debt and dedicate it all to paying off the next lower interest rate debt.





And, please remember to pay the minimums on all the other debts as well.