Paying off existing debt is one of the first and most important steps to improve your financial status. Having debt will hinder your efforts in completing every other goal on this list, so we recommend starting here!
Every month, credit card companies and loan providers charge an interest fee on borrowed money. When not paid off, credit card companies collect large amounts of interest, while you have higher and higher bills to deal with. Now, just think about what you could be spending that interest on instead.
Paying off credit card debt can seem impossible, but once you get the ball rolling it becomes easier over time. As you pay down debts, you will be paying less in interest and have more money to make higher payments. And with higher payments, the sooner you can pay off your debt.