Modern Americans often juggle various debts, from student loans and mortgages to large credit card balances. Attempting to pay off all these can be challenging, even for the most financially savvy of people. Experts advise tackling credit card debt first as, left unchecked, this can be the most expensive.
Stephanie Genkin, a certified financial planner, revealed how a client recently arrived with $250,000 in student loans and a further $25,000 credit card balance. Although the client was focused on the educational expenses, Genkin was more concerned about the credit cards, because it indicated that the client couldn't afford her lifestyle. Another concern was that the interest on her credit card debt was four times higher than the rate on her student debt. Genkin pointed out that many people si...
from MoneyTips http://www.moneytips.com/prioritize-credit-card-debt-over-other-loans
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