If you have loans or owe money on credit cards, it usually makes sense to pay off the debt that charges the highest rate of interest or charges for late payments first. For example, credit or store cards usually charge more interest than personal loans from banks.
While Buy Now Pay Later agreements don’t charge interest, beware of any fees for late payments. It’s important to make sure you don’t break the terms of your agreements, or you might be charged a penalty or extra interest.
Remember, if you’re focusing on paying down one debt you must cover at least the minimum payment on any credit cards and your monthly required payments on loan agreements.
If you’ve already missed credit card or loan payments, or if you’re behind with other debts, it’s important to get help.
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