Many individuals who face whopping debts wonder what the best strategy is to pay it off.
The answer depends on multiple factors, according to Tim Steffen, director of advanced planning at Baird.
Coming up with a plan for how to handle your bills is important. Doing so will put you ahead of many Americans, more than a quarter of whom have no plans for paying off their debts, according to a recent LendingTree report.
That's an expensive misstep, considering the average credit card balance Americans are carrying has climbed to $6,375, a three percent increase from one year ago, according to Experian.
Here are four things to keep in mind when whittling down what you owe.