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re: Dave Ramsey's advice to pay off a car loan, rather than invest
Posted on 1/7/20 at 1:57 pm to Willie Stroker
Posted on 1/7/20 at 1:57 pm to Willie Stroker
I've read Kahneman and think his work is interesting but when Ramsey says to pay off your credit card debt, starting with the smallest balance first, as opposed to paying of the credit card with the highest interest rate, then I consider that to be horrible advice. It's causing someone to pay more in interest when they are already in debt.
Like I said, freshman algebra ain't complicated
Like I said, freshman algebra ain't complicated
1
Posted on 1/7/20 at 2:07 pm to iAmBatman
quote:
I've read Kahneman and think his work is interesting but when Ramsey says to pay off your credit card debt, starting with the smallest balance first, as opposed to paying of the credit card with the highest interest rate, then I consider that to be horrible advice. It's causing someone to pay more in interest when they are already in debt.
Like I said, freshman algebra ain't complicated
I don't disagree with you on the math part, but I do on the psychological part. He says that so that people can feel a sense of accomplishment and his whole debt snowball is based off of it.
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