What do you do when you come to a point where you have a lot of debt which need to be cleared each month, but the interest rates are extremely high? Sometimes, people do not pay off the debt is because of the hefty charges and interest which eventually leads to bankruptcy. Nevertheless, bankruptcy is not always a good thing, thus, debt repayment is a must to avoid bankruptcy. Some of us may argue that our installments are merely enough to cover the high interest rate charged by the financial institution, but in fact, there is a way to reduce debt as well as the interest rate we are getting.

Before we get to the solution, first we need to understand that which loan are charging the highest interest to the lowest interest. Usually credit card and personal loan are charging higher interest ... Read more »