I'm not sure where to begin - do I start with my credit cards and if so is it my lowest balance, highest balance, lowest interest rate, highest interest rate? Do I start knocking down my car note first?
If you are wanting to eliminate your debts and wondering what priority you should establish in the elimination process my advice is to start with your credit cards. They can be the most troublesome so get them gone first. If you are using a fixed or power payment strategy, I recommend focusing on the lowest balance first because that will enable you to see quicker progress. By paying the lowest ones off you will receive a feeling of accomplishment that will motivate you to keep going. There is only a nominal savings in interest paid either way so why not do it in a way that is most motivating.
The best place to start any journey is at the beginning. Have you made the decision and commitment to actually get out of debt? If you haven't taken the first step on the road to a debt free and prosperous life, all the analyzing startegies are just a mental exercise in futility.
