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Best ways to pay down debt this new year

Posted at 8:33 AM, Jan 08, 2020
and last updated 2020-01-08 09:33:07-05

Now that we are officially one week into the new year, many of us are already struggling to keep our New Year Resolutions.

But I'll show you why failing to stick with this one could end up being very expensive.

A week into the new year, where a top resolution for many is to pay down debt.

Chief Editor of Investopedia Caleb Silver says, "Make sure you start the new year with a plan to pay down that debt starting with the highest interest debt first"

Silver says there's plenty of advice out there about how to pay down debt, especially the debt accumulated over the holidays, although most people have a fear of knowing what they've spent.

"Make sure you understand what you have in the bank, how much debt you have, how much savings you have and how much you can increase your savings and start to invest in the new year"

He advises direct deposit as the easiest way to do both.

"Even if it's $20, $40, $60 a month to put in savings or put towards debt payment," Silver says.

He falls back on the adage that the best day to start investing was yesterday, the second best is today.

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