By: Harrison
I think the most important step is “Commit to avoiding new debt” and make the decision really get out of debts. Without a concrete decision, all the plans and actions are useless.
View ArticleBy: Flexo
Harrison: Exactly. If one doesn’t become a person who lives within one’s means — and it is possible to change with dedication, drive, desire, and support — one could still go through all the steps but...
View ArticleBy: the Cerebral Assassin
1. Save more. 2. Spend less. 3. Don’t do anything stupid. That’ll be $2,000 for the plan as I’m highly credentialed in the financial services industry. Please come again! If people did that, there...
View ArticleBy: Flexo
tCA: You’re on your way to being a bona-fide, ground-shaking finance guru. Congrats! I’ll help sell your book.
View ArticleBy: the Cerebral Assassin
Does a 3-rule, 8-word book sell? I could add some more rules and words: “Investing 101- 1. Buy low. 2. Sell high. If you’re not comfortable doing it that yourself, buy an asset allocation fund that you...
View ArticleBy: Lazy Man and Money
This is an excellent post. I found the calculator a little difficult to use. I like the idea of just paying the highest interest first and just going from there. Then again, I’m Lazy. As an aside, I...
View ArticleBy: Dan
Our church recently did a sermon which contained the debt snowball method. Here is the link to the sermon if you’d like to listen. http://daybreak.libsyn.com/index.php?post_id=230206 It was part of an...
View ArticleBy: Rob in Madrid
it goes without saying that the other side of the debt snowball is frugal living. You won’t ultimately be successfully unless you learn to lower your cost of living. I define frugal living as “living...
View ArticleBy: Dan
I have a card that I was approved for with 0% APR on balance transfers AND PURCHASES for 12 months. I did not get in on the initial balance transfer offer, so there is a 3% charge on future balance...
View ArticleBy: Alan
Great advice. I still don’t get the initial emergency fund idea though. That $1000 in savings is not helping me when I have thousands of $$$ at 18%+. How much quicker would I get my stuff paid off if I...
View ArticleBy: Daniel
Amen brother! We all need to do our best to limit our spending and frivolous purchases. I might recommend stealing your neighbor’s wireless signal for internet, canceling cable,service and downloading...
View ArticleBy: Scandale
Okay, i’m nearing the bottom of Mt. Everest. $ 3,800 left to go at zero % (will be paid before expiration in Dec). $ 1200 @ HSBC in cash. No debt other than house and 401(k) loan. (Yes, I know…..)....
View ArticleBy: kristy
The theory behind the emergency fund, I think, is that if you don’t have one, the unexpected costs that occur (a/c going out, car repairs, etc) will have to come out of your debt snowball or avalanche...
View ArticleBy: mahonjh
I am following the Dave Ramsey plan of debt snowball. I can tell you him plan is for me the best way, and to the comment that it is mathematically inefficient. Dave would say that if we could do math,...
View ArticleBy: Flexo
Mahonjh: That’s great that Dave Ramsey has helped you get inspired to get out of debt. He’s wrong about the math comment, though. Even the best mathematicians can get into debt, but that doesn’t mean...
View ArticleBy: NCN
Thanks for the linkage! One note, about which method to use. If you have financial discipline, I’d go w/ highest rate first. If, on the other hand, you really need to SEE some quick results, to stay...
View ArticleBy: Former shopahilic
Wow, I just stumbled across this page and will be trying out this method. I have a large student line of credit, one large sum in collections (13k) and 2 other credits cards that arent as large but...
View ArticleBy: The Happy Rock
Two things to offer. Smallest debts first is the way I recommend to most people. Most people aren’t in control and rational with their finances and the ability to see results is the thing that really...
View ArticlePaying Off Debt: 6 Steps to Building a Better Snowball
The “snowball method” for paying off debt isn’t something out of the movie Clerks. It is a way to organize your outstanding debt in such a way that the funds you have available for paying off debt are...
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