http://www.pfadvice.com/2007/04/25/snowball-debt-reduction-which-is-best-for-you/ Bridging the gap between saving money and investing Sun, 07 Sep 2008 16:14:30 +0000 http://wordpress.org/?v=2.6.1 http://www.pfadvice.com/2007/04/25/snowball-debt-reduction-which-is-best-for-you/#comment-55834 Steve Thu, 07 Jun 2007 19:21:21 +0000 http://www.pfadvice.com/2007/04/25/snowball-debt-reduction-which-is-best-for-you/#comment-55834 You see this method is great. If you have no problem staying current and on top of your bills. But for a lot of people even staying with the minimum payment is to much, let alone setting aside extra money to really pay it down. But then whichever way one chooses to reduce their debt really depends on the specific situation they are in. You see someone that can't keep up with their bills is a better candidate for debt settlement. If that is even still to much to handle than BK. The debt snowball is a very effective method, however it is only for people who have a pretty decent control factor of their debt situation in the first place. You see this method is great. If you have no problem staying current and on top of your bills. But for a lot of people even staying with the minimum payment is to much, let alone setting aside extra money to really pay it down. But then whichever way one chooses to reduce their debt really depends on the specific situation they are in. You see someone that can’t keep up with their bills is a better candidate for debt settlement. If that is even still to much to handle than BK. The debt snowball is a very effective method, however it is only for people who have a pretty decent control factor of their debt situation in the first place.

]]> http://www.pfadvice.com/2007/04/25/snowball-debt-reduction-which-is-best-for-you/#comment-49287 Ty Tue, 22 May 2007 16:52:46 +0000 http://www.pfadvice.com/2007/04/25/snowball-debt-reduction-which-is-best-for-you/#comment-49287 I mean, seriously? People need to understand they cannot mix emotional decisions with financial ones. I understand a home purchase is emotional, etc., but if you truly want to be free of debt and living off of others, you need to look at your financial picture from an objective mind. I can only hope that people will understand going forward that there is a difference between the best decision and a good decision... I mean, seriously? People need to understand they cannot mix emotional decisions with financial ones. I understand a home purchase is emotional, etc., but if you truly want to be free of debt and living off of others, you need to look at your financial picture from an objective mind. I can only hope that people will understand going forward that there is a difference between the best decision and a good decision…

]]> http://www.pfadvice.com/2007/04/25/snowball-debt-reduction-which-is-best-for-you/#comment-42627 Heather Thu, 03 May 2007 20:14:56 +0000 http://www.pfadvice.com/2007/04/25/snowball-debt-reduction-which-is-best-for-you/#comment-42627 One argument in favor of paying off the lowest balance first that I've never seen discussed is that if you eliminate a required monthly debt and its associated minimum payment, you also reduce your necessary living expenses to keep in an emergency fund should you lose your job. When my company was in the midst of layoffs, you'd better believe that I was throwing all my money at the lowest balance debt to try and eliminate that payment completely. One argument in favor of paying off the lowest balance first that I’ve never seen discussed is that if you eliminate a required monthly debt and its associated minimum payment, you also reduce your necessary living expenses to keep in an emergency fund should you lose your job. When my company was in the midst of layoffs, you’d better believe that I was throwing all my money at the lowest balance debt to try and eliminate that payment completely.

]]> http://www.pfadvice.com/2007/04/25/snowball-debt-reduction-which-is-best-for-you/#comment-41561 Carnival Of Debt Reduction #85: The American Way Of Debt Edition Mon, 30 Apr 2007 09:23:43 +0000 http://www.pfadvice.com/2007/04/25/snowball-debt-reduction-which-is-best-for-you/#comment-41561 [...] Snowball Debt Reduction: Which Method Is Best For You? by Jeffrey Strain @ Personal Finance Advice. While the classic snowball debt reduction method is the more rational method from a financial perspective since it means paying the least amount in interest charges, many people don’t view money in a rational manner. They instead view many from an emotional perspective. [...] [...] Snowball Debt Reduction: Which Method Is Best For You? by Jeffrey Strain @ Personal Finance Advice. While the classic snowball debt reduction method is the more rational method from a financial perspective since it means paying the least amount in interest charges, many people don’t view money in a rational manner. They instead view many from an emotional perspective. [...]

]]> http://www.pfadvice.com/2007/04/25/snowball-debt-reduction-which-is-best-for-you/#comment-40164 Vivian Thu, 26 Apr 2007 09:21:29 +0000 http://www.pfadvice.com/2007/04/25/snowball-debt-reduction-which-is-best-for-you/#comment-40164 I am now firm believer of paying off any loan as quickly as possible. It really makes life much easier. It has put me on the fast track of getting out of debt. I am now firm believer of paying off any loan as quickly as possible. It really makes life much easier. It has put me on the fast track of getting out of debt.

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