07/12/2023
Debt Management Tips with Duke!
Tip 1: Prioritize High-Interest Debt First
Focus more of your funds on paying off debts with higher interest rates. This will help reduce the amount interest you’ll need to pay overtime.
Ex. Credit card debt tends to have some of the highest interest rates (ranging on average from 19 - 25%). Lines of credit have rates on average from 8 - 10%. For someone who has both credit card debt and a line of credit, it is beneficial for them to focus more funds on paying down the credit card debt first, as the line of credit usually has a lower borrowing rate.
Want to learn more? Message me for more information and read the articles below:
https://www.forbes.com/advisor/ca/credit-cards/what-are-credit-card-interest-rates/
https://www.savvynewcanadians.com/best-lines-of-credit-in-canada/
