If you have multiple loans at different interest rates, focus on repaying debts with the highest interest rates first.
2. Debt snowball method
Pay off the debt with the smallest amount first, regardless of interest rate, then move to the next smallest amount, and so on.
This method follows a hybrid approach, starting by paying off a few small debts (Snowball) for quick wins, then switching to paying off the highest-interest debts (Avalanche).
3. Debt blizzard method
4. Debt consolidation
Combine multiple loans into a single loan, ideally at a lower interest rate, simplifying payments and potentially reducing total interest.
5. Talk to an advisor
Although having an advisor for your investment is common it is always better to have a Qualified Financial Advisor who will help you with your investments as well as liabilities.