40% of Americans seek debt clearance, but household debt reached $17.69 trillion in Q1 2024; CFP Avani Ramnani advises prioritizing higher-interest debts first.
40% of Americans seek financial success through debt clearance, yet household debt hit $17.69 trillion in Q1 2024, per NY Fed. Certified Financial Planner Avani Ramnani advises not to rush paying off all debt, as it's not equal. She suggests prioritizing debt using these steps: 1) List all debts, 2) Determine interest rates, and 3) Focus on higher-interest debts first, while maintaining minimum payments on others.
May 31, 2024
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