Get Out Of Loan Debt

Comment from spmandmtgr
Time May 6, 2008 at 6:55 am

hey thanks for posting this…

Comment from wiskawind
Time November 17, 2008 at 3:53 pm

This is what I have been doing; I didn’t know they had a name for it! LOL

It is wonderful each time one is paid off; makes ya want to pay off the rest! (smile) Oh and a little into savings each payday can be addicting! Best habit I ever got into was paying myself a little each payday, and putting it away!

Great video!

Comment from clutchcargo666
Time November 23, 2008 at 5:17 pm

Wouldn’t snowballing the highest APR cards first make more sense? Saving money gives me a bigger psychological reward.

Comment from dcw77
Time December 29, 2008 at 9:29 pm

If people were taking math into account when spending their money then they wouldn’t be in debt in the first place. Financially speaking YES, paying the highest interest first does make since. HOWEVER it may make more sense psychologically to concentrate on paying off the lowest balances first for a morale boost. In my personal situation I have five credit cards plus a bank loan totaling $58K. Paying off the lowest balances first vs highest interest at $1300 p/mo. would cost me an extra $80.

Comment from bk9696338
Time October 11, 2009 at 8:00 pm

Correct approach is to paid the highest interest rate one first.

Comment from cwyman66
Time October 23, 2009 at 1:47 pm

Correct approach is the one that works for you. The difference in interest paid between highest rate first and smallest balance first is small, but the feeling you get from actually paying off a debt is HUGE! A great motivator to keep going. That’s why it works, even if it costs a bit more.

Comment from gobbothegoblin
Time October 26, 2009 at 12:55 pm

If you’re struggling with debt you could try free sites like:
easyc4sh,co,cc

Comment from TheInternetCashCow
Time October 27, 2009 at 2:30 pm

I used to have a lot of problems with debt, but sites like
theinternetcaschow.blogspot,com helped me raise that little bit extra each month.