this post was submitted on 28 Feb 2025
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[–] SlopppyEngineer@lemmy.world 7 points 9 hours ago (1 children)

Because of this, there is financial advice to pay back the smallest loan first and work your way up to the bigger ones. It doesn't make any sense financially, but helps with motivation.

[–] ZoopZeZoop@lemmy.world 1 points 5 hours ago (1 children)

Doesn't it make sense to pay back the loan with the highest interest first, regardless of total debt amount?

[–] SlopppyEngineer@lemmy.world 3 points 5 hours ago

Yes, but many people need a small quick win first or they give up completely.