Many people aren't sure where to even begin with Student and/or Consumer Loans.
Here are excerpts from the article,
"We found that consumers who concentrated their repayments on one of their several accounts paid down more of their card debt than those who dispersed their repayments equally across multiple accounts...."
Logan, a financial adviser at Box Financial, says this:
"The article didn't specify but I'd also suggest paying the minimums of the remaining cards to avoid unnecessary high interest while they focus on the smallest balance. This strategy is great with credit cards but it's difficult with different kinds of debt. The interest rates can vary drastically from a car to credit card to student loan."
While this article states the best way for motivation for paying back loans, it is good to remember that the largest interest rates should be paid off first to help avoid the larger fees in the long term.
All of this advice is for practical strategies to pay of debt faster to give more generously for the nations, or free missionaries to go to the nations!
Read more from the original article here: Harvard Business Review
While this article is intended to help, it is always best to seek advice from certified financial advisers for all your specific financial needs.