In what order do I repay my loan debt?
I have had it all up to the limit with worrying about my personal debts. In what order do I go about repaying my loan debt?
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If you have a small loan which you can pay off immediately pay that first. Your credit score will be influenced by how many pending loans you have. The psychological effect of having one less loan to service may help you alleviate some stress. Then try to clear the high EIR loan after paying the minimum per month for each loan. Don’t forget to factor in key factors like the deadline of the debts, you should prioritise them base on the interest rate. The higher the interest rate on the debt the more you end up paying.