Question

When paying down debt, it is best to _____.
(1 point)

pay as much as possible toward the debt at the beginning of the month

pay as much as possible toward the debt at the end of the month

pay part toward the debt and part toward a savings account at the beginning of the month

pay part toward the debt and part toward a savings account at the end of the month

Answer 1

pay as much as possible toward the debt at the beginning of the month

Reason: paying earlier reduces the balance that accrues interest, lowering total interest paid and helping you pay the debt off faster.