Paying off debt 'wrong' could actually help you — here's why. via CNBCMakeIt
div > div.group > p:first-child"> Mathematically, the best way to maximize your money is to focus on paying down debts with the highest interest rates first. Following that logic, if you have a $1,000 credit card bill with a 24 percent interest rate, you should tackle that before your $7,000 student loan with a 6.5 percent interest rate.
Popularized by"The Total Money Makeover" author Dave Ramsey, the snowball method prioritizes your smallest debts first, regardless of interest rate. "Focusing on paying down the account with the smallest balance tends to have the most powerful effect on people's sense of progress — and therefore their motivation to continue paying down their debts," Remi Trudel, one of the researchers, writes for HBR.
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