Comments on: 30 Days to a Better Man Day 25: Start a Debt Reduction Plan http://artofmanliness.com/2009/06/24/30-days-to-a-better-man-day-25-start-a-debt-reduction-plan/ Men's Interests and Lifestyle Sun, 12 Feb 2012 02:39:57 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Mike http://artofmanliness.com/2009/06/24/30-days-to-a-better-man-day-25-start-a-debt-reduction-plan/comment-page-1/#comment-34704 Mike Wed, 01 Jul 2009 19:23:49 +0000 http://artofmanliness.com/?p=3451#comment-34704 Just a quick note about paying off the high interest stuff first vs. Dave Ramsey's debt snowball. I need all the math in paying on off our debt. We have a bout $40,000 to pay everything except the house. When I did the math (actually, when I let the a spreadsheet do the math), the difference between high interest and snowball is only about $500 in favor fo the high interest method, however, the psychological advantage to paying off all those little debts is work the $500. Just a quick note about paying off the high interest stuff first vs. Dave Ramsey’s debt snowball. I need all the math in paying on off our debt. We have a bout $40,000 to pay everything except the house. When I did the math (actually, when I let the a spreadsheet do the math), the difference between high interest and snowball is only about $500 in favor fo the high interest method, however, the psychological advantage to paying off all those little debts is work the $500.

]]> By: Christine the Soccer Mom http://artofmanliness.com/2009/06/24/30-days-to-a-better-man-day-25-start-a-debt-reduction-plan/comment-page-1/#comment-34540 Christine the Soccer Mom Tue, 30 Jun 2009 13:20:07 +0000 http://artofmanliness.com/?p=3451#comment-34540 Our family started Dave Ramsey's Total Money Makeover about a year and a half ago, and the results have been astounding. Nate is right when he says not to underestimate the mental lift you get from paying off a debt, even if it's small. I've blogged about it sometimes, but our family has paid off a massive amount of debt in a short time, and can see the light at the end of the tunnel. We're now helping our children see the benefits of paying cash and saving up. And all this happened just before everything started crashing. With the way credit card companies are treating even their "good" customers, we're grateful to the people that handed that book to my husband in December '07. Our family started Dave Ramsey’s Total Money Makeover about a year and a half ago, and the results have been astounding. Nate is right when he says not to underestimate the mental lift you get from paying off a debt, even if it’s small.

I’ve blogged about it sometimes, but our family has paid off a massive amount of debt in a short time, and can see the light at the end of the tunnel. We’re now helping our children see the benefits of paying cash and saving up. And all this happened just before everything started crashing. With the way credit card companies are treating even their “good” customers, we’re grateful to the people that handed that book to my husband in December ’07.

]]> By: elementaryfinance http://artofmanliness.com/2009/06/24/30-days-to-a-better-man-day-25-start-a-debt-reduction-plan/comment-page-1/#comment-34233 elementaryfinance Sat, 27 Jun 2009 13:47:32 +0000 http://artofmanliness.com/?p=3451#comment-34233 Often debt repayment needs to get creative. Find those small expenses that you can cut out from day to day. They add up fast. Often debt repayment needs to get creative. Find those small expenses that you can cut out from day to day. They add up fast.

]]> By: Torrey http://artofmanliness.com/2009/06/24/30-days-to-a-better-man-day-25-start-a-debt-reduction-plan/comment-page-1/#comment-34104 Torrey Fri, 26 Jun 2009 15:00:31 +0000 http://artofmanliness.com/?p=3451#comment-34104 Debt can rob us of peace. Especially when you have fallen behind and are receiving collection calls and notices. If we just put our mind to it and focus on how much life would be better without it, I think more people would start paying off all of their debt. My wife and I have eliminated about $60K of debt in 3 years. Over at mensplaybook.com, we just suggested 86 ways to get out of debt. Hopefully, we can encourage each other and apply some of the practices to our own situations. http://bit.ly/1cKuz Debt can rob us of peace. Especially when you have fallen behind and are receiving collection calls and notices. If we just put our mind to it and focus on how much life would be better without it, I think more people would start paying off all of their debt. My wife and I have eliminated about $60K of debt in 3 years.

Over at mensplaybook.com, we just suggested 86 ways to get out of debt. Hopefully, we can encourage each other and apply some of the practices to our own situations. http://bit.ly/1cKuz

]]> By: Nate http://artofmanliness.com/2009/06/24/30-days-to-a-better-man-day-25-start-a-debt-reduction-plan/comment-page-1/#comment-33927 Nate Thu, 25 Jun 2009 17:02:18 +0000 http://artofmanliness.com/?p=3451#comment-33927 Great post! I have been using Dave Ramsey's Debt Snowball method for a few months now, and I'm happy to report that it's going very well! I had three credit cards with four digit balances. I paid a little one off, and next month I'll have the second one paid down. The psychological effect of getting these things out of the way shouldn't be understated. It's VERY encouraging to sink a balance to zero, especially if you've been carrying it a while. In fact, when you get close to getting rid of a balance for good, it becomes very motivating. I will make bigger payments than I thought I could next month just to see that balance disappear. I'm wasting less money this month and next month to get that sucker gone! Thanks for the post! Great post!
I have been using Dave Ramsey’s Debt Snowball method for a few months now, and I’m happy to report that it’s going very well! I had three credit cards with four digit balances. I paid a little one off, and next month I’ll have the second one paid down. The psychological effect of getting these things out of the way shouldn’t be understated. It’s VERY encouraging to sink a balance to zero, especially if you’ve been carrying it a while. In fact, when you get close to getting rid of a balance for good, it becomes very motivating. I will make bigger payments than I thought I could next month just to see that balance disappear. I’m wasting less money this month and next month to get that sucker gone!
Thanks for the post!

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