Pay Off Debt Faster by Using the Right Financial Tools

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How many of you have a plan you consistently follow each month to pay off debt? Based on my own experience (before my wife and I got our financial heads together), I’d guess that many of you do not. I know the drill. You pay off a little debt here and a little debt there but it’s random and not based on any kind of written (or visual) plan. You make some progress and take a few steps forward but then suddenly find yourself taking a few more steps back. Some of you may even be paying just the minimum […] Read more »

The Debt Snowball Calculator

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If you are trying to get out of debt and you’re savvy enough to be reading personal finance blogs then you’ve probably heard of “The Debt Snowball“.  I’m sure Brad has you all well aware it. If not, I’ll explain it really quickly. A debt snowball is when you line up all your debts and the organize them from smallest balance to largest balance. You make the minimum payments on all debts except the one with the smallest balance. On the debt with the smallest balance you pay the minimum payment plus every single extra dollar you can get your hands […] Read more »

Do You Suffer From (SAD) Stuff Attachment Disorder?

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Photo Credit: paalia Have you made the smart resolution to work on becoming debt free in 2011? If so, congratulations! As many of you know, making the resolution is just the beginning. Resolutions are easy to make, but unfortunately they’re even easier to break. I’ve broken resolutions myself as I’m sure you have too. In the beginning, you’re pumped up about your decision to do whatever it is that you’ve decided to do, but once life, time constraints, and a lack of discipline get in the way, that motivation wanes and we find ourselves giving up on our desire to […] Read more »

Debt Snowball Method: Highest Interest Vs Lowest Balance

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Photo Credit: walknboston Are you looking to pay your debt off by using the debt snowball method? In the personal finance world there are differing opinions as to which way to do this. It’s the great debate. Do you pay off the lowest balance first or start with the lowest interest rate? Personally, I believe that the debt snowball method you choose completely depends on your specific situation and attitude about your debt. If you need that extra push to stay motivated, it might be better for you to pay the debt with the lowest balance first. Psychologically, you will […] Read more »

Pay Off Debt In 2010 By Increasing Your Debt Snowball

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Are you ready to pay off debt in 2010? If it is not one of your New Years resolutions, then you should take this opportunity to make it one now. Debt is not your friend, and if you are one of the many people out there that carry a balance from month to month, then you know what I am talking about. Get rid of it! Get rid of the financial roadblock that is keeping you from experiencing financial peace. Being broke is no fun. Living paycheck to paycheck is stressful, so now it is time to make the changes […] Read more »