Focus Second on Eliminating High-Interest Debt

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27 Sep

Donna Taylor Blog 2 0

If you have an emergency fund in hand you should next focus on eliminating your high-interest debt. Set up a simple debt repayment plan by organizing your debt by interest rate, then attempt to make a double payment (or more) on whatever debt has the highest interest rate. Make that double payment every month, then when that debt is gone, add the total amount of that payment to the payment you’re making on the next debt on the list. Keep repeating until your high-interest- debts are gone.

About the Author

Written by Donna Taylor

Rev. Dr. Donna Taylor is the Pastor of Andrew Chapel United Methodist Church (UMC) in Montross, VA. Rev. Dr. Taylor promotes best practices by teaching financial literacy workshops and currently serves as Finance Chair in the Rappahannock River District for the UMC. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is a educator and son is an Active-Duty Senior Seaman in the Navy married with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.