Individuals should prioritize paying off high-interest debt as soon as possible to prevent compound interest from increasing the total balance owed.

Authors

• Person: Not available Organization: Champlain College
  Financial Rules of Thumb: Your Money Management Cheat Sheet

Sources

• Financial Rules of Thumb: Your Money Management Cheat Sheet www.champlain.edu Champlain College via serper

Referenced by nodes (2)

• compound interest concept
• high-interest debt concept