Comments on: Any debt reduction method is good

By: Steward @ My Family's Money

Steward @ My Family's Money — Thu, 04 Sep 2008 16:29:53 +0000

I agree getting rid of debt is always a good thing, whatever way it is accomplished. But I would still pay down the highest interest rates first. That just makes way more sense to me and it will train you to look at the big picture and get your emotions out of the game.

By: Savings Toolbox

Savings Toolbox — Wed, 03 Sep 2008 17:39:40 +0000

Great post! I’m glad that this topic has been discussed because there are an increasing amount of information out there about how people should be dealing with their debt. Some methods will just not work for some people and those people will give up. Family and finances are very individual, very personal issues and there really is no one-true method for getting your finances straight. The only thing that will work is finding something that makes sense and sticking with it. Nice job!

By: Matt

Matt — Mon, 01 Sep 2008 02:59:52 +0000

Just like people learn differently they approach their life challenges differently. This translates to paying down debt as well the encouragement and information they need has to be presented to them in a way they’ll “GET”. You’re right that any method is good and finding the one that suits you best is important.

By: Matt

Matt — Sun, 31 Aug 2008 15:42:49 +0000

For me, I have three credit cards, two of which are paid off every month. So my debt reduction method is to pay off that one card. The problem is that the one card is $18,000 and seems very daunting. Blame a new house and baby in the last 18 months.

By: "Mo" Money

"Mo" Money — Sun, 31 Aug 2008 14:16:49 +0000

Good post! I agree, use the method that will work for you. It is like losing weight, we all know that we need to burn more calories than we consume, but the method we use should be the one that we will stick to over a long period of time. The debt snowball has a better chance in my opinion to work over the long haul, because we can see the change by paying off the smallest debt quickly. It’s like losing one pound on a diet, we are encouraged and will continue with something that works.