There's a tool called a 'snowball calculator'

http://www.whatsthecost.com/snowball.aspx

That tells you the absolute fastest way to pay off debts.

In my opinion, the best route is to clear priority debts if you have them - stuff like rent arreers, built up utility bills, etc.  Then, pay off other debts depending on interest rate and any other issues - like if you've missed payments and the creditor is hassling you, it may be better, if you can afford it, to try to get rid of that one as fast as possible just for your own peace of mind.

etali wrote:

There's a tool called a 'snowball calculator'

http://www.whatsthecost.com/snowball.aspx

That tells you the absolute fastest way to pay off debts.

That looks like it would be an excellent tool.  I was going to post about a software program that is about to be released that does the same thing.  (But isn't free.)  If you haven't done so already, I suggest you start a new thread with a review on using this calculator.  I think a lot of people will benefit!!!

I personally am attacking my unsecured debt first, i.e. my credit card debt.  If the debt doesn't have an asset attached to it, it's gotta GO!

I don't have any credit card debt but I have a friend who owed something like close to $15,000. He was always getting offers for credit cards so he must have had good credit. What he did was he resolved to never use a credit card  again unless it was an emergency. He than applied for some credit cards that offered O% for 12 months or something like that on balance transfers.  He than transfered all his debt onto the new cards and still paid the same amount each month as he had done before although now it was not going to all that interest. I think he paid something like 3% to transfer his balances but he was still way ahead.  Of course this only works if you transfer your balances and don't rack up a lot of debt on the new card.  I still can't understand why credit cards would offer 0% for 12 months but than I don't know much about them.  He got his debt paid off and has never gotten into trouble with credit card debt again. Hope this helps someone.

I know highest interest is supposed to be best but I try and pay off what I'll notice the most.  We've started with my car loan because we could see how we were cutting time off our payments.  Then when we finish we'll be able to apply that payment to a cc and pay off at least one of them relatively quickly.  So we feel it more and it motivates us.

I just personally just send money to each loan that i owe once a month.There is no order for me because they all have to be paid off eventually.

That's the best way to go I think.

I pay smallest to largest so I can pay less bills per month plus the boost I get from paying something off completely helps me keep motivated.

Hello,

I was just surfing about useful sites on Debt and found a good one www.debtxfactor.com you may try if you are looking for good support. I’m sure you would be benefited.

Best of luck.

I am using the "debt snowball" technique as well by starting with my smallest debts first. This has helped me to feel more accomplished because I was able to pay off my Target card at $150.00 right away. Now my other debt will take a little longer, but every two weeks I  can see the progress that I am making. I don't have a lot of expendable income right now,. However, I know that by handling these debts  now and not creating new debt I will have more money to save, invest ,and travel with later.  How cool is that?!