Part 6/11:
High-interest debt—particularly credit cards—can be crippling for many people. Graham advises focusing on repaying such debts first, using either the snowball method (paying off the smallest debts first) or the avalanche method (paying off the highest-interest debts first). Both strategies have their merits, and the choice often comes down to one’s psychological approach to managing debt.
It's also vital to consider debt consolidation if it allows for more manageable payments at a reduced interest rate, while being cautious to avoid taking on additional debt in the process.