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1
Posted on 12/13/17 at 4:50 pm to foshizzle
quote:
to get motivated, then whatever gets you started. 0% balance transfers are a great way to go if you can qualify though.
I used them with my initial debt and the high interest approach. I ended up with more debt then when I started.
so I stopped carrying but 1 card for the cafeteria at work[amex cafeteria so they only take amex or cash debit card won't work]. began down debt snowball. debt is now washed out and I'm able to put 800 bucks a month to debt. do immediate paycheck pulls every two weeks so I live more within my means now as well. which matter more than high interest plan or snowball in my opinion
im good enough at math to know the best route but apparently have self control of a child. money difference isn't that big for me anyways as interest rates are all similar give or take a few points.
it was difficult to explain why except that this works for me as the math will always be on her side.
Posted on 12/13/17 at 6:27 pm to wope
quote:
Dave Ramsey's response to this question is something like "if you were good at math, you wouldn't be in debt to begin with",
Math has nothing to do with it though. It's a discipline thing. Not trying to flame anyone, most of us have some area of our lives that could be improved with more self-control. For example, I'd be even more ridiculously good-looking if I ate better.
Posted on 12/13/17 at 6:32 pm to DoubleDawg22
Pay off the high debt first.
Posted on 12/13/17 at 8:10 pm to DoubleDawg22
quote:
My question, what are your thoughts on the snowball debt plan?
It works more on psychology than debt reduction (though it does both), since the ability to see debts shrink and ultimately disappear leads one to feel that the plan is working.
If you've tried other methods without success I'd go for it.
Posted on 12/13/17 at 9:36 pm to Volvagia
So allow me to explain...my student loans are all divided up with different interest rates for most of the loans.
My loan might be $1000 at 6% while my mortgage might be $50,000 at 5.25%. I understand why you say the home loan wasn’t really 5.25 but I see differences of these two and I think the mortgage costs much more because the amount is MUCH greater even though th rate is slightly less.
However, I have a much better understanding of this. Also, we don’t have any credit card debit outside of the lawnmower but it is at 0% APR until the summer.
My loan might be $1000 at 6% while my mortgage might be $50,000 at 5.25%. I understand why you say the home loan wasn’t really 5.25 but I see differences of these two and I think the mortgage costs much more because the amount is MUCH greater even though th rate is slightly less.
However, I have a much better understanding of this. Also, we don’t have any credit card debit outside of the lawnmower but it is at 0% APR until the summer.
Posted on 12/14/17 at 4:16 pm to DoubleDawg22
quote:
lawnmower but it is at 0% APR until the summer.
Goodness man, stop buying crap like this. You can find a perfectly fine lawnmower on craigslist for $50. This is a huge part of your issue, car payments too. Stop buying things on credit. Its not even the fact that you are using credit and interest, its the fact it is allowing you to pay for stuff you don't need to be buying and buying things you can't afford.
2 things:
1. mortgage debt is not the same, I'd pay that last. As said its tax deductible to a degree and it should be your largest debt.
2. The only reason to pay your "highest" debt is if its something like 8+%. If you have a car payment at 1.99%, student loans at 5%, and mixed other debts at 4-6% then I wouldn't worry about paying your highest debt first.
You pay your highest debt when you have like an 18% Credit card. 1-2% difference, pay your smallest debts first and knock them out so you feel and see some true progress. And stop buying shite on credit.
This post was edited on 12/14/17 at 4:18 pm
Posted on 12/14/17 at 8:17 pm to DoubleDawg22
quote:
I understand why you say the home loan wasn’t really 5.25
Actually it was me who said that, but
quote:
I think the mortgage costs much more because the amount is MUCH greater even though th rate is slightly less.
No. Your total amount in interest is much greater on the mortgage, but that is because the balance is higher. The cost of borrowing each dollar is higher on the student loan and that is what needs to be repaid first.
quote:
we don’t have any credit card debit outside of the lawnmower but it is at 0% APR until the summer.
If it is 0% APR that's great. But it is still costing you because you have to pay this down instead of your student loan.
Posted on 12/15/17 at 10:15 am to DoubleDawg22
quote:
the mortgage costs much more because the amount is MUCH greater even though th rate is slightly less.
On a per $ of debt basis, the student loan at 6% is more expensive than the mortgage at 5.25%
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