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How should I prioritize my debts?

There are many types of debts and payments in modern American households, from credit card debts and student loan debts to car loans and mortgages. Those who are juggling many of these different types have likely found themselves wondering if there is a specific strategy regarding which payments should be focused on first. The good news is that there is. Depending on what kinds of debts you have, you may want to funnel your funds toward one debt or payment over another.

This article offers a detailed guide to different payments and which ones should take most of your attention. You may be surprised at the results. For example, you may think that the most important assets such as your house or car are the payments that you should work toward, but this is not necessarily the case. Because these payments usually have relatively low interest rates, you may be better off paying the minimum and focusing on debts that will grow exponentially if left to collect interest.

Of course no amount of smart budgeting can create money from nothing. For many Americans, their debts are simply too high to pay, no matter how efficiently they allocate their resources, and they desperately need some form of debt relief. Fortunately, these individuals have an option as well: bankruptcy.

If you cannot make even the minimum payments on some of your debts, or if making the minimum payments is stretching your funds so thin that you can barely live paycheck to paycheck, you may consider filing for bankruptcy. It is a legal form of debt relief that can discharge some of your debts completely or allow you to come up with a more reasonable plan to pay your debts off over a longer period of time. Bankruptcy may just be the relief you need.

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