The Debt Dilemma

I mentioned in a previous post that I read Dave Ramsey’s Total Money Makeover during my Vegas vacation.  It has resulted in many things.

The first thing I did was cut up all my credit cards.  Right after I did this, I received an email that said I will be receiving a new card in the mail in a few days.  My old one had expired.  You can bet as soon as I get it, there will be some cutting.  I feel some relief in my actions by doing this.

The next step is to pay off the cards from lowest to highest balance due.  I’m looking forward to the day when I make my LAST payment on my student loans.  Those are the highest debt I have!  Hate them!  I’m looking forward to the day all my debts will be gone.

In the meantime, I’m going to a “cash only” policy.  If the cash is gone, then I don’t need it!

 

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2 Responses to The Debt Dilemma

  1. Heather says:

    Great job! We studied a lot of DR advice but decided not all of it was for us. Getting debt paid off though is something I think everyone can agree on. We opted to tackle highest interest rate first. We are a few months away from being 5 years in. It definitely took longer than planned with a couple of life surprises in there but our student loans are just over a year from being paid off. (They were the last of our battle as well.) You can do it!

    • I thought about doing it the way you are but we have a lot of small ones that can be paid off quickly. Then we will take the payments for those and apply them to the bigger ones. The one thing we are not going that DR suggests is having 3 mos of expenses saved up. That’s not really a priority for us. After reviewing what we owe and comparing it to what we make, if we pay off the smaller ones first, our debt will be completely gone in 3.5 years.

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