If you have a negative tradeline on your credit report that's nearing that seven year mark, you should
prioritize paying off other debts first.
DO
prioritize paying off other debts, such as personal loans, credit cards, and car loans.
Not exact matches
Prioritizing paying off small - balance cards in full, otherwise known as the snowball method, gives you valuable momentum that encourages you to keep chipping away at
other debts.
... forces the treasury to
prioritize paying off debts over all
other obligations (such as
paying the military, for example).
It makes virtually no sense to
prioritize paying off this
debt early when you have any
other savings goals at all.
As you
prioritize paying off the smallest balance,
other debts are accruing more interest since you're only making the minimum monthly payment.
Many recent grads will make excuses to not save, for example; commitments to
paying off student loans or
other consumer
debt taking higher priority, OR a desire for spending money on entertainment and lifestyle as opposed to
prioritizing the future.
Prioritizing paying off debt does not mean focusing on a single
debt, and not making payments on
other debt, allowing it to go into default.