miag3667 miag3667

06-06-2024
Mathematics

Answered

If you are using the Snowball Method to pay off debt, which debt do you focus on
first?
The debt with the highest interest.
The debt with the highest amount owed.
The debt with the lowest interest.
The debt with the lowest amount owed.

Answer :

GinnyAnswer GinnyAnswer

06-06-2024

Final answer:

The Snowball Method prioritizes paying off debts with the highest interest rate first to save on interest charges and accelerate becoming debt-free.

Explanation:

The debt with the highest interest should be the focus when using the Snowball Method to pay off debt. This method involves paying off debts starting with the one that has the highest interest rate, allowing you to save money on interest charges over time.

By prioritizing debts with high interest rates, you can reduce the total amount you pay back and accelerate your journey to becoming debt-free.

Additionally, targeting high-interest debt first can improve your credit score and provide financial stability in the long run.

Learn more about Debt repayment strategies here:

https://brainly.com/question/31929007

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