Why Should You Pay off a Credit Card with the Highest Interest Rate First?
The reason why you should pay off the credit card with the highest interest rate first is that you will save the maximum amount of money that would otherwise be paid to the credit card provider as interest charges and financial fee. Using the method of paying off the credit card with the highest interest rate first and working your way down to a credit card with the next highest interest rate saves you the maximum amount of money and is the cheapest. The second reason is that it is also the shortest method to take. As opposed to paying off the credit card with the lowest balance and then working your way up to the next higher balance, if you work your way down from the highest interest credit card you will complete paying off all your credit cards sooner.
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