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23/01/2012 -
People tend to make poor decisions when it comes to credit card processing and paying off debt. It's true that consumers have grown more frugal since the recession began, paying down credit card debts and contributing to lower delinquency rates, but a lot of uncertainty remains.A recent survey by the American Marketing Association found a majority of consumers would opt to pay off loans with the smallest balance first - a move that would prove more costly than paying off as much as possible on the debt with the highest interest rates.
"To minimize the total amount of debt across loans, people should first pay the minimum payment for each debt (to avoid surcharges and penalties) and then use all available cash to pay down the loan with the highest interest rate," researchers reported. "After this loan has been paid off, people should move to the loan with the next highest interest rate, and so on."
That's not the only financial gaffe consumers make. Many also tend to divide their available income evenly across multiple lines of debt and fail to transfer balances from high-interest to low-interest accounts.
