Baystate Bank’s Lauren Piehl: Tackle High-Interest Debt Before the Holidays
By-Hank Stolz
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WORCESTER, MA– Lauren Piehl from Baystate Bank joins the Talk of the Commonwealth every month to talk about financial empowerment. This month she focuses on managing high interest debt ahead of the holidays. Lauren tells us now is an opportune time for consumers to address high-interest debt accumulated over the summer or from the previous year before the next holiday season begins. Lauren explains what the “debt snowball” strategy is. The paying off of debts with the highest interest rates first to save a significant amount of money on interest payments over time. “But if we pay off that higher interest debt, we’re going to be saving money in the long run over interest and time. And that’s the snowball effect.”
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