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Do I Pay Off Old Debts First or New Debts First? – Jeanette

By on September 6, 2010
Do I Pay Off Old Debts First or New Debts First? – Jeanette

“Dear Steve,

I am trying to get my financial house in order, I must work on cleaning my credit. Shall I pay off old debts or new debts first?

Jeanette”

Dear Jeanette,

It does not matter what debts you pay off first, unless the old debts are in default, if they are, pay those off first.

It is important to know if the old debts are mainstream credit cards, don’t close those accounts once you pay off the debt. Those old accounts help you more than your new accounts do. If you are going to close any accounts, let them be the new ones.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

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About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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