It is usually recommended that you pay down the credit card with the higher interest rate first because you will save more money in interest over the long run. However, PowerPay, a free online financial tool, can show you how quickly you can get out of debt by snowballing payments. PowerPay can be found at www.powerpay.org.
For more information on power payments, go to www.extension.org/pages/Consumers Should Snowball Payments to Reduce Debt Quicker.
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