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re: Need advice on paying off debt
Posted on 10/9/17 at 11:28 am to King of New Orleans
Posted on 10/9/17 at 11:28 am to King of New Orleans
I always gasp when DR is mentioned on this board =)
His system is one that works. It 's not the only one that works. It is simple and it gives you small victories.
Paying the card with highest rate first may save a tad bit of money in the long haul... but if it takes you 8 months to do it... human behavior says most people will quit before you get there. But pay off a card or two quickly, might let you see progress.
If you listen to DR for more than 90 seconds you realize his methods are much more human rationality and behavior than pure economics.
Which is interesting because most people don't get in trouble because they have a money problem, they get in trouble because they have a behavior problem.
His system is one that works. It 's not the only one that works. It is simple and it gives you small victories.
Paying the card with highest rate first may save a tad bit of money in the long haul... but if it takes you 8 months to do it... human behavior says most people will quit before you get there. But pay off a card or two quickly, might let you see progress.
If you listen to DR for more than 90 seconds you realize his methods are much more human rationality and behavior than pure economics.
Which is interesting because most people don't get in trouble because they have a money problem, they get in trouble because they have a behavior problem.
1
Posted on 10/9/17 at 1:28 pm to LSUFanHouston
He wants you to hit the smallest DEBT amount first. 3 cards at 6k or car at 6k...seems the cards are all 3 less than the car. Start with the cards, smallest one first and hit them hard and fast. They'll all be gone in a year and you'll feel great. That small of an amount on a card doesn't really add up real fast as far as rates but if you have 2 that are similar in $ amount then pay off the highest rate first. Other than that start with the smallest amount first.
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