It may be time to reassess your debt-payoff plan.
Consumers with debt are often juggling multiple types and accounts. At the end of September, the average household with credit card debt carried a balance of $15,654, according to a NerdWallet.com analysis. Those with auto loans owed an average $27,669; student loans, $46,597; and mortgages, $173,995.
The new tax code and rising interest rates could influence which of your various debts it makes sense to focus on repaying faster, especially if you've been prioritizing debts from most to least expensive. (See infographic at the end of the story.)
"The calculation could be different, particularly when you're comparing the costs of varying types of debt," said Greg McBride, chief financial analyst at Bankrate.com.