Debt reduction plan interest rate question?
Schleppy asked:
I am trying to set up a debt reduction plan where I pay off the account with the highest interest rate first, then move to the next highest, etc. My question is, which interest rate on my credit card statement do I use for this prioritization? There’s an Annual Percentage Rate and an Effective Percentage Rate and then I think there was still another. On one of my cards, these range from like 8% to 29% depending on which one you look at. It’s a shame I’m such an idiot when it comes to these things ! Thanks for any help…
