Debt PAYDOWN? Anyone with me?

[Angielynne]

I was inspired by the thread on the boards about saving for Disney, and I thought to my self, what an awesome way to save up some cash even a little bit at a time. My goal is to pick one current debt that I have....and then start saving a little at a time to pay it off. Fortunately, my dh and I have never had much debt until the end of this year. We had to borrow to install a new septic field, then had a few other expenses we weren't prepared for pop-up. SO...my goal is to pay each thing off 1 at a time little by little. Does anyone want to joing me?

I'm starting with the smallest thing first... $67.94 on a credit card.

To start with, I'm taking a bunch of bottles back to the store today and then list some stuff on ebay.

I think I'm also going to open my own Etsy store..


GOAL TO SAVE: $67.94

Ok..does anyone want to pay down debt with me?!!

 

[JDUCKY]

Your best bet is focusing on credit cards with the highest rate interest first and then work your way down *and* pay more than the minimum amount, obviously.

While it might make one feel better to pay off some smaller balance cards, you'll end up paying more in the long run if you don't focus on the ones with the highest interest rates first.

We'll be starting our debt paydown in about 2 months...after the wedding

 

[AmandaRG]

Your best bet is focusing on credit cards with the highest rate interest first and then work your way down *and* pay more than the minimum amount, obviously.

While it might make one feel better to pay off some smaller balance cards, you'll end up paying more in the long run if you don't focus on the ones with the highest interest rates first.

We'll be starting our debt paydown in about 2 months...after the wedding

While that can be true, there people who would not keep paying an extra $50/month on a card with higher balance and interest, but to be able to wipe out a smaller one in a couple of months because of a sense of accomplishment. Whatever method you will be able to stick with is better than none at all!

We are working on ours, too. Good luck to you!

 

[JDUCKY]

While that can be true, there people who would not keep paying an extra $50/month on a card with higher balance and interest, but to be able to wipe out a smaller one in a couple of months because of a sense of accomplishment. Whatever method you will be able to stick with is better than none at all!

We are working on ours, too. Good luck to you!

True...and it can help one's FICO score by having more accounts with a $0 balance but, in the end, if one truly cared about saving the most money (or spending the least in paying off debt) then focusing on higher-interest first is the only way to go.