'Not all debt is created equal,' says Lauren Anastasio, CFP SoFi
Some types of debt can be much more detrimental to your finances than others, according to Lauren Anastasio, a certified financial planner at SoFi. If you have debt, focus on paying off the highest interest rate balances first, then funnel money into your savings goals, she says. After you're satisfied with your savings, consider putting extra payments toward your"good debts," like a mortgage or student loans. Visit Business Insider's homepage for more stories.
Some types of debt can be much more detrimental to your finances than others, according to Lauren Anastasio, a certified financial planner at SoFi. If you have debt, focus on paying off the highest interest rate balances first, then funnel money into your savings goals, she says. After you're satisfied with your savings, consider putting extra payments toward your"good debts," like a mortgage or student loans. Visit Business Insider's homepage for more stories.
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