So claims the Motley Fool, where in a recent article Selena Maranjian reports that first paying off debts which charge a high rate of interest is vital for those looking to begin investing in a retirement savings vehicle.
However, Ms Maranjian advised people to be aware” that not all debt is alike”.
Continuing, she claimed that comfortably managing a mortgage which charges a reasonable rate of interest is a “very different” situation to those consumers who are indebted on a credit card which carries “steep double-digit interest rates”.
For those looking to get to grips with their finances applying for a personal loan to use as a means of debt consolidation could be advisable.
Earlier this month, Jessica Dickler wrote in an article on CNNMoney.com that those credit card users who run up high debts despite staying within their charge limit could be putting their credit score at risk.
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