Hello, I am trying to figure out the best way to pay back my several delinquent accounts. Should I for instance Pay 25 to say all 8 and keep them current like that, or should I pay of the smallest then the next and next and so on

2 Answers

Depends on your affordability. Debt avalanche is the best method to knock-off debts quickly. Here you can pay the minimum amount on all your delinquent accounts but you have to make extra payments on the debt with highest interest rate. Keep doing this till your highest interest debt is paid off and the repeat the same process with the next highest interest debt. Got my point?

I think you are talking about the debt snowball method. Well, this process is good to pay off multiple debts, but it takes time to get out of the entire debt. Do you get any collection calls? If no, then you can follow the snowball method to pay off your debts. But if your accounts are already in the collection, you should try to settle your debts with them. you can also seek professional debt relief help to get out of your debts.

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