Better approach to close loans?
If I have 3 loans is it better to pay them monthly and close after 3 years or close one at a time in one one year?
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It is typically best to pay minimum payments to 2 of the loans and pay aggressively on the third loan.
Some will tell you to pay the highest interest rate loan off first because "personal finance" is about "finance" and mathematically that saves you the most interest.
Some will tell you to pay the smallest balance loan off first because "personal finance" is "personal" and the psychological "win" of paying off a loan is more valuable than the small amount of interest difference between this strategy and paying off the loan with the highest interest rate first.
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