Jean chatzky pay it down4/5/2023 ![]() In June, the average rate on a 48-month new car loan was 2.57 percent, per for a used car, it was 2.7 percent. You can speed your debt-free quest by reducing interest rates where possible. (To run your own debt-free calculation, try the Credit Card Avalanche Calculator at .) 2. Once the highest interest-rate debt is retired, move on to the next highest. If you have a credit card charging you 19 percent interest and a car loan at 4.1 percent, throw every extra dollar you have at the higher rate. It’s called the avalanche method, and it gets you out of debt cheapest and fastest. You’ll get the biggest bang for each individual buck by paying off the highest interest-rate debt in your portfolio first, while making minimum payments on the remainder. Why now? At this stage, you’re most likely to have the resources to clear the decks. It’s a pocket guide to your money in your 50s: how to maximize your income, rethink your investments, spend smarter and save more, starting right now. The tips on the next pages will help you do just that, walking you through the big financial questions you’ll face in the next 10 years of your life. See also: Take charge of your money at 60+ | And at 70+ Don’t think ‘How good am I at this?’ Think ‘How can I get better?’ ” ![]() Instead, Halvorson says, “look at people who are doing it right - or at least better. So don’t get hung up on what might have been. Trouble is, comparing can get discouraging. “Our brains are comparison machines, always tuned in to relative differences,” says social psychologist Heidi Grant Halvorson, coauthor of Focus: Use Different Ways of Seeing the World for Success and Influence. Where do you stand, financially speaking, compared with your peers?Īre you making more than your college classmates? How do your saving and spending patterns stack up against those of the rest of your generation? We’re forever asking such questions. That means car loans, credit cards and lingering student or personal loans. ![]() Your 50s are prime time to pay down nondeductible debt. ![]()
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