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Should I prioritize my credit card debts?

Debt is very rarely a single-issue matter. Many modern talking points relate to student loan debts, which have reportedly exceeded well over $1 trillion, but less attention is paid to the fact that many of these indebted individuals are probably also trying to balance credit card debts, car payments and perhaps even child support or alimony. With so many debts to contend with, it can be difficult to even decide where to start.

Which debts to focus on is not always clear. It depends on many factors, all of which should be carefully considered. The most important thing is to ensure that you manage to pay for your necessities, such as car payments and house payments. Falling too far behind on such debts can see your property repossessed, making it impossible for you to make it to work and earn more money. But keeping up with these debts and focusing on them are two different things.

The truth is that the interest rates for many necessities are not nearly as high as the interest rates things like credit cards. Because of this, failing to pay off credit cards in a timely manner can result in you paying a significantly larger amount of money in interest than you actually owe. This means that while it is important to stay on top of necessary payments, once you have made paid the minimum, it is usually in your best interests to focus as much as possible on high-interest debts such as credit cards.

Ultimately, the decision of which debts to prioritize is complex, and should be discussed with a financial advisor or an attorney. If you feel that you simply cannot manage all of your debts, and your credit cards are getting out of control, consider meeting with an attorney to discuss your options.

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