The Best Method for Paying Off Each Kind of Loan

One size does not fit all

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By Geoff Williams

If you sometimes daydream about being thrown into an old-fashioned debtor’s prison, small wonder. According to a recent analysis by the research company Gallup, which based its information on data collected by the Federal Reserve, the average household has $7,828 in revolving credit card debt.

Meanwhile, Americans are also juggling mortgages, auto loans, student debt and personal loans. In fact, earlier this year, the U.S. Department of Education released a report noting that more than 40 percent of Americans with federal student loans are behind on payments.

So what’s the best method for paying off each kind of loan? Experts recommend the following approaches.

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Arnaldo Rodgers Posted by on 11:09 am, With 0 Reads, Filed under Economy, Personal Finance. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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