How should I prioritize my debt payments?
An example of an AI chatbot conversation about prioritizing debt reduction strategies.
How should I prioritize my debt payments?
It's important to focus on high-interest debts first. Can you tell me about the types of debts you have?
I have credit card debt with 20% interest, a personal loan at 10%, and a car loan at 5%.
In this case, prioritize the credit card debt first due to its high interest. Have you considered a debt snowball or avalanche method?
I've heard of both methods. What's the difference?
The debt snowball method focuses on paying off the smallest debts first for quick wins, while the avalanche method targets the highest interest debts first to save on interest.
Which method do you recommend for my situation?
Given your high-interest credit card debt, I recommend the avalanche method to minimize interest payments.
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