, are the debt snowball and the debt avalanche. The former prioritizes paying off the smallest debts first, while the latter prioritizes paying off the highest-interest debt first. Either method is effective, so the best approach may be to pick the one you can commit to.Given an extra $1,000 cash, 27% of millennials would choose to pay off debt, while 22% would save the windfall, according to the survey. Only 6% would put it toward travel or shopping.
This is good instinct, as financial planners typically suggest stamping out debt with high interest rates first and foremost,or another financial goal. Carrying a balance on a credit card can erode your credit score, plus fees and high interest rates can continually add to the overall debt load. According to the survey, the millennials not using the windfall to pay off debt or save say it would go toward outstanding bills , necessities , or an investment .Even though 52% of millennials don't have a retirement savings account, the ones who do are serious savers. According to the survey, nearly 16% of millennials set aside 11% to 20% of their income for retirement — more than any other generation.
A plurality put away between 1% and 10% of their income for retirement, which is a fine place to start. Experts recommend increasing savings rates annually or every time you get a raise.
Spend what you have, not what you don’t.
Yeah,I wouldn’t want credit card debt on top of all the student loan debt.
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