Paying off Debt using Debt Snowball Method

[sherker55]

Good to hear man!  Keep it up...its hard to do, but very worth it!

[jdmaccord]

I am glad to day that i have 1 more debt to go...the dreaded Student Loan. 1 more hill to climb and I can actually enjoy my paycheck

[unclejud49348]

How's everyone doing with this method? I just picked up Dave Ramsey's "Total Money Makeover" 2 days ago and I'm almost done with it. For anyone who has done this or followed this, do you feel that this was an effective way of paying off your bills? What are your thoughts? Because I'm serious about getting out of debt and I need a little encouragement.

P.S. The book says to get rid of a car that you have more than 20 payments left on, technically I only have 19 so I'm not getting rid of my Accord   

[NYKnick1015]

that sounds cool but you always have to factor in unexpected cost.... ive been trying to pay off my credit card for months now... i literally only have 450 on it BUT, food shopping, gas, etc comes in to play and then the  moment i get a pay check, i just payed off what i spent  on it in necessities

[CrazyCreashunz]

I have done this method before! Works like a charm if you stick to it...

[Mike]

Anybody have a copy of this book they are willing to send my way?

[unclejud49348]

Mike, I'd be willing to send you my copy if you'd like to read it. I've already read it and now it's just sitting around. The only thing I ask is that you send it back when you're done. PM me your address if you still want it.

[sherker55]

Bump, how you guys making out with this?  

I/We haven't used our cards since we took the class almost two years ago.  The mess with the house really screwed things up as far as applying prior monthly payments to future payments inorder to pay it down faster.  once everything settles we will be doing this again, as it helped out so much before.

[Mike]

My card's other than BJ's card (reward points) which I pay off monthly are @ 0. Justin I still haven't finished this book if you need it back let me know.

[sherker55]

good shit Mike.  yeah, we have all our cards paid off, except for home depot, but that's because my mother in law got a bunch of stuff, and used our account for discount...she is paying it off monthly.

all I have left is my student loan, car loan, home equity loan, and mortgage.  once the house crap is settled, I should be able to pay the student loan off almost right away.  then the car within 6 months I would say.  hopefully we will be able to refinance our house once its rebuilt (we may be forced to) and that will get us both a lower rate, and combined bills.  if for some reason we have money left over from our build back, that money will go directly to paying off debts.

no credit cards FTMFW!

[CrackerTeg]

Figured I'd bring this back since I've been in a nasty situation for quite some time thanks to bad decisions years ago. I've recently looked into a debt management program and its pros and cons. I know it's going to hurt my credit in the short term but the end result is what I'm after. Thoughts and experiences would be great. Thanks.

[Nit3h4wk C0uP3]

I really can't offer any info, but I can offer sympathy ...because going to a private art school by the beach was NOT a good idea...lol...looking forward to everyone's suggestions....if I'd won that big jackpot I'd help all of yous guys out!

[CrazyCreashunz]

I did a debt consolidation company once and just kept one credit card active.... it helped alot. Your credit Score will thank you in a few years once you've pay off the amount owed. I consolidated like 4 cards into 1 monthly payment! Now I just have that same 1 credit card and my debit card, been good since...

[CrackerTeg]

That's good to hear Billy. My hope it's that this will put my into a better place financially now and later. This fucking debt is killing me right now.

[Mike]

That's good to hear Billy. My hope it's that this will put my into a better place financially now and later. This fucking debt is killing me right now.

Had a women from a debt consolidation company speak in a first time home buyer class I was in. The best advice is to find one that is a non profit organization. Obviously they aren't there just to make money they are there to help. Often states offer programs as well.