05-19-2024, 04:37 PM
You can manage multiple loans effectively by choosing payments by interest rate: pay high-interest loans first to save on interest. Consider the debt snowball method: pay off the smallest loan first for quick wins. Consolidate loans to simplify payments and potentially lower interest rates. Create a budget to allocate extra funds toward debt repayment. For example, if you have a $500 credit card debt at 18% interest and a $2000 student loan at 5%, focus on the credit card debt first.