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biff64gc t1_jadqw4d wrote

Mathematically hitting the higher interest loan saves you the most money. The reason Dave and other experts say to hit the small loan first is because it can be accomplished faster and gives you a sense of accomplishment to help motivate you to keep going after more debt. It's more about psychology and growing momentum, but it's more effective when you have a wide variety of debts as it can be demotivating to throwing a lot of money at a really big debt while a bunch of small ones keep giving you tiny cuts.

If you're confident you can live frugally and consistently throw every penny you have at the higher interest debt until it is gone then do that.

If you've tried to tackle this before and gave up or keep getting sidetracked then maybe knockout the student loans first.

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