Q: If you’ve got different amounts of debt in different accounts with different interest rates, how should you pay them down?

Q: If you’ve got different amounts of debt in different accounts with different interest rates, how should you pay them down?

Rather than just “charging rent” to loan you money, creditors do something infinitely worse: interest means your debt grows exponentially fast. For example, if you owe 100 dollars ($/€/£/¥/₮/whatever) with an APR of 15%, then after a year you’ll suddenly owe , after 2 years you’ll owe , after three years , and so on. After N years you’ll owe : that’s exponentially more every year. Having debt in a few different accounts makes the situation seem more complicated, but it really isn’t. Although Interest is the standard way that debt is handled today, it is in no way fair.

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