Which debt should one repay first, credit card dues or personal loan?
One should generally clear high-interest credit card dues first, as they can significantly increase one's financial burden, accruing nearly 36% to 42% per year, compared with 11% to 16% on a personal loan, Mint reported. Investors should prioritise interest rates, and not just the debt size. Borrowers should also avoid relying solely on minimum payments and compare lower-cost repayment options.
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