“I studied behavioral economics, which made my advice more practical and reasonable. Because people are human, what works on paper doesn’t always work in practice. When it comes to money, many people are prone to irrational behavior.

“Sure, it may make more math sense to pay off debts with the highest interest rate. But, behaviorally, when people pay off smaller debts first, they experience an immediate triumph, and that can energize them to become aggressive in getting rid of the rest of their debts.

“I no longer underestimate the power of marketing, which conditions Americans to be consumers. Masterful marketing campaigns encourage overspending and the accumulation of debt.”

Read more here.