Comments on: Debt Reduction Guide: Getting Started http://www.ncnblog.com/2008/04/25/debt-reduction-guide-getting-started/ Debt Reduction Rocks - We Are Living Debt Free! Fri, 21 Nov 2008 17:19:07 +0000 http://wordpress.org/?v=2.6.3 By: fitwallet http://www.ncnblog.com/2008/04/25/debt-reduction-guide-getting-started/#comment-119566 fitwallet Tue, 08 Jul 2008 18:48:48 +0000 http://www.ncnblog.com/2008/04/25/debt-reduction-guide-getting-started/#comment-119566 Great! I will definitely stick around :) Great! I will definitely stick around :)

]]> By: NCN http://www.ncnblog.com/2008/04/25/debt-reduction-guide-getting-started/#comment-119293 NCN Mon, 07 Jul 2008 01:42:10 +0000 http://www.ncnblog.com/2008/04/25/debt-reduction-guide-getting-started/#comment-119293 @fitwallet - Hmm... That's a great question. Stick around and I'll write a post about it later this week... NCN @fitwallet - Hmm… That’s a great question. Stick around and I’ll write a post about it later this week…
NCN

]]> By: fitwallet http://www.ncnblog.com/2008/04/25/debt-reduction-guide-getting-started/#comment-119267 fitwallet Sun, 06 Jul 2008 22:40:29 +0000 http://www.ncnblog.com/2008/04/25/debt-reduction-guide-getting-started/#comment-119267 Here's a question: what if your highest interest rate is a mortgage? We did an 80/10/10 deal, so we have two fixed-rate mortgages. The first mortgage (about $153,000) has a 5.875% rate, but the second one (about $18,500) is 8%. This is higher than my student loan or credit card loan interest rates. So should we be throwing our extra money at that loan instead of our credit cards? We're not planning to sell the house anytime soon, so I have no idea if this makes sense or not. Thanks for any input! Here’s a question: what if your highest interest rate is a mortgage?

We did an 80/10/10 deal, so we have two fixed-rate mortgages. The first mortgage (about $153,000) has a 5.875% rate, but the second one (about $18,500) is 8%. This is higher than my student loan or credit card loan interest rates. So should we be throwing our extra money at that loan instead of our credit cards? We’re not planning to sell the house anytime soon, so I have no idea if this makes sense or not. Thanks for any input!

]]> By: appfunds http://www.ncnblog.com/2008/04/25/debt-reduction-guide-getting-started/#comment-104155 appfunds Sun, 04 May 2008 07:42:53 +0000 http://www.ncnblog.com/2008/04/25/debt-reduction-guide-getting-started/#comment-104155 For me it worked best to start with a smallest debt. When I got rid of it, I gained a lot of motivation to repay bigger ones. For me it worked best to start with a smallest debt. When I got rid of it, I gained a lot of motivation to repay bigger ones.

]]> By: Pam Grundy http://www.ncnblog.com/2008/04/25/debt-reduction-guide-getting-started/#comment-103909 Pam Grundy Sat, 03 May 2008 14:44:26 +0000 http://www.ncnblog.com/2008/04/25/debt-reduction-guide-getting-started/#comment-103909 This is great info and well explained, thanks so much! I have been doing this for the past three years and started out with six department store cards, 3 major credit cards, and an auto loan. I've paid off one of the major cards and closed it, paid off the car, paid off four of the department store cards, and this month will be able to pay off and close the last two department store cards. That will leave me with two major cards to pay off, only one of which I will keep and pay off in full each month if I use it, which I won't. This method was so daunting at first but it really works. Time goes by whether we pay these things off or not, and they are betting on NOT, so you have to have a plan. Thanks! This is great info and well explained, thanks so much! I have been doing this for the past three years and started out with six department store cards, 3 major credit cards, and an auto loan. I’ve paid off one of the major cards and closed it, paid off the car, paid off four of the department store cards, and this month will be able to pay off and close the last two department store cards. That will leave me with two major cards to pay off, only one of which I will keep and pay off in full each month if I use it, which I won’t. This method was so daunting at first but it really works. Time goes by whether we pay these things off or not, and they are betting on NOT, so you have to have a plan. Thanks!

]]> By: Maria http://www.ncnblog.com/2008/04/25/debt-reduction-guide-getting-started/#comment-102501 Maria Fri, 25 Apr 2008 20:49:07 +0000 http://www.ncnblog.com/2008/04/25/debt-reduction-guide-getting-started/#comment-102501 I use the debt snowball (smallest balance first) method as well, though I'll be switching it up after the next debt to pay off a 10% interest loan before a 6% interest loan. Very thorough explanation, I am sure it will help many! I use the debt snowball (smallest balance first) method as well, though I’ll be switching it up after the next debt to pay off a 10% interest loan before a 6% interest loan. Very thorough explanation, I am sure it will help many!

]]> By: NoWin http://www.ncnblog.com/2008/04/25/debt-reduction-guide-getting-started/#comment-102490 NoWin Fri, 25 Apr 2008 15:36:46 +0000 http://www.ncnblog.com/2008/04/25/debt-reduction-guide-getting-started/#comment-102490 Re: ...While you may choose to simply add this extra payment to your minimum payment, and write one check, I prefer to send two checks, .... If you use free online bill pay from your bank, sending two ‘checks’ should be a relatively simple thing to do. More importantly, billpay programs from most banks are FREE! Save the checks (and cut down on number of times to re-order and get charged for them) by saving checks for when you "must" use them (legal-type payments, or to companies where you may need fast access to a copy of the canceled document). Most billpay programs also offer a "gift payment", so even that grad check to Jennie can be done without depleting your check stock. Re: …While you may choose to simply add this extra payment to your minimum payment, and write one check, I prefer to send two checks, …. If you use free online bill pay from your bank, sending two ‘checks’ should be a relatively simple thing to do.

More importantly, billpay programs from most banks are FREE! Save the checks (and cut down on number of times to re-order and get charged for them) by saving checks for when you “must” use them (legal-type payments, or to companies where you may need fast access to a copy of the canceled document).

Most billpay programs also offer a “gift payment”, so even that grad check to Jennie can be done without depleting your check stock.

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