{"id":212446,"date":"2024-09-27T17:00:00","date_gmt":"2024-09-27T17:00:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=3082432"},"modified":"2024-09-27T17:00:00","modified_gmt":"2024-09-27T17:00:00","slug":"onemain-financial-why-paying-off-high-interest-debt-should-be-a-top-priority","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2024\/09\/27\/onemain-financial-why-paying-off-high-interest-debt-should-be-a-top-priority\/","title":{"rendered":"OneMain Financial: Why Paying Off High-Interest Debt Should Be a Top Priority"},"content":{"rendered":"<p style=\"text-align: justify;\">If someone has multiple debts, they may be unsure which debt to pay off first. Paying off high-interest debt first can be a smart move depending on a person\u2019s financial situation. They can even consider taking out a <a href=\"https:\/\/www.onemainfinancial.com\/personal-loans\/debt-consolidation\" target=\"_blank\" rel=\"noopener\">debt consolidation loan<\/a> to simplify the process. Keep reading to find out why paying off high-interest debt is so important.<\/p>\n<p style=\"text-align: justify;\"><strong>Reasons to Pay Off High-Interest Debt First<\/strong><\/p>\n<p style=\"text-align: justify;\">While focusing on high-interest debt first isn\u2019t right for everyone, it is a solid choice for many people. Here are some of the benefits of doing so.<\/p>\n<p style=\"text-align: justify;\"><strong>Interest Savings: <\/strong>There\u2019s no denying that high-interest debt is expensive. The higher the interest rate, the more money the borrower spends over the life of their outstanding loan or credit card balance. Unless credit card users pay off their balance in full every month, depending on what kind of balance they accumulate that\u2019s subject to high interest, they may steer themselves into a vicious cycle of debt that could cost thousands or even tens of thousands of dollars in interest expense. Paying off high-interest debt first can save some serious cash.<\/p>\n<p style=\"text-align: justify;\"><strong>Less Stress:<\/strong> Since most borrowers know how much more high-interest debt costs, paying it off first can alleviate a lot of stress. As they pay down their high-interest debts, borrowers may feel less overwhelmed and better about their current financial situation and future.<\/p>\n<p style=\"text-align: justify;\"><strong>How to Pay Off High-Interest Debt<\/strong><\/p>\n<p style=\"text-align: justify;\">The debt avalanche strategy is the easiest and most effective way to pay off high-interest debt. This method is designed to save the most money in interest charges over time. Here\u2019s how borrowers can take advantage of this strategy.<\/p>\n<ul style=\"text-align: justify;\">\n<li>Make a list of all debts and order them from the highest interest rate to the lowest.<\/li>\n<li>Put as much extra money as possible toward paying the debt with the highest interest rate after paying the minimum monthly payment on all the other debts every month.<\/li>\n<li>Once the debt with the highest interest rate has been paid off, move on to the debt with the next highest rate. Take the extra money they had used to pay off the first debt and add it to the minimum payment on this debt until it\u2019s gone, still making sure to first pay the minimum monthly payment due on all the other remaining debts .<\/li>\n<li>Repeat this process until all the debts have been paid off.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Debt Avalanche Example<\/strong><\/p>\n<p style=\"text-align: justify;\">Let\u2019s say a borrower has high-interest credit cards with the following balances and interest rates.<\/p>\n<p style=\"text-align: justify;\">$800 at 29.29% APR<\/p>\n<p style=\"text-align: justify;\">$700 at 26.88% APR<\/p>\n<p style=\"text-align: justify;\">$500 at 24.18% APR<\/p>\n<p style=\"text-align: justify;\">With the debt avalanche strategy, the borrower would make minimum payments on all their debts except the card with the $800 balance because it has the highest interest rate. They\u2019d try to put as much as possible toward that card until they\u2019d pay it off. Then, they\u2019d move on to the $700 debt and $500 debt.<\/p>\n<p style=\"text-align: justify;\"><strong>Bottom Line<\/strong><\/p>\n<p style=\"text-align: justify;\">Borrowers concerned about paying too much interest should tackle their higher-interest debt first. Depending on their current interest rates and balances, as well as how quickly they pay it down, they may save hundreds or even thousands of dollars in the long run.<\/p>\n<p style=\"text-align: justify;\"><strong><em>Sponsored Content<\/em><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>About OneMain Financial<\/strong><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.onemainfinancial.com\/\" target=\"_blank\" rel=\"noopener\">View Website<\/a><\/p>\n<p style=\"text-align: justify;\">OneMain Financial is the leader in offering nonprime customers responsible access to credit and is dedicated to improving the financial well-being of hardworking Americans.<\/p>\n<p class=\"tags\">\n<div><strong>See Campaign: <\/strong><a href=\"https:\/\/www.iquanti.com\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.iquanti.com\/<\/a><\/p>\n<h3>Contact Information:<\/h3>\n<p>Name: Sonakshi Murze Email: sonakshi.murze@iquanti.com Job Title: Manager<\/p>\n<p><b>Tags:<\/b><br \/><a href=\"https:\/\/icrowdnewswire.com\/category\/omuc\/bnn\/\" rel=\"category tag\">BNN<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/omuc\/ce\/\" rel=\"category tag\">CE<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/omuc\/extended-distribution\/\" rel=\"category tag\">Extended Distribution<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/omuc\/go-media\/\" rel=\"category tag\">Go Media<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/omuc\/go-media2\/\" rel=\"category tag\">Go Media2<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/omuc\/goinvest\/\" rel=\"category tag\">GoInvest<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/omuc\/google-news\/\" rel=\"category tag\">Google News<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/omuc\/icn-internal-distribution\/\" rel=\"category tag\">iCN Internal Distribution<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/omuc\/ips\/\" rel=\"category tag\">IPS<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/omuc\/pr-wirein\/\" rel=\"category tag\">PR-Wirein<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/omuc\/releaselive-pressrelease-distribution\/\" rel=\"category tag\">ReleaseLive Press Release Distribution<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/omuc\/reported-times\/\" rel=\"category tag\">Reportedtimes<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/omuc\/the-newswire\/\" rel=\"category tag\">The Newswire<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/language\/english\/\" rel=\"category tag\">English<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>If someone has multiple debts, they may be unsure which debt to pay off first. Paying off high-interest debt first can be a smart move depending on a person\u2019s financial situation. They can even consider taking out a debt consolidation loan to simplify the process. Keep reading to find out why paying off high-interest debt [\u2026] <a href=\"https:\/\/ipsnews.net\/business\/2024\/09\/27\/onemain-financial-why-paying-off-high-interest-debt-should-be-a-top-priority\/\" class=\"more-link\">Continue Reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":336,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-212446","post","type-post","status-publish","format-standard","hentry","category-press-release"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>OneMain Financial: Why Paying Off High-Interest Debt Should Be a Top Priority - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ipsnews.net\/business\/2024\/09\/27\/onemain-financial-why-paying-off-high-interest-debt-should-be-a-top-priority\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OneMain Financial: Why Paying Off High-Interest Debt Should Be a Top Priority - Business\" \/>\n<meta property=\"og:description\" content=\"If someone has multiple debts, they may be unsure which debt to pay off first. 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