Comments on: How To Get Out Of Debt – An Illustrated Guide To Debt Reduction http://www.ncnblog.com/2008/08/27/how-to-get-out-of-debt-an-illustrated-guide-to-debt-reduction/ Debt Reduction Rocks - We Are Living Debt Free! Fri, 10 Feb 2012 00:09:10 +0000 hourly 1 By: Suzanne http://www.ncnblog.com/2008/08/27/how-to-get-out-of-debt-an-illustrated-guide-to-debt-reduction/comment-page-1/#comment-137173 Suzanne Thu, 20 Nov 2008 20:18:38 +0000 http://www.ncnblog.com/?p=1690#comment-137173 Thanks for the great visual aids. I love them. In the first one, we feel overwhelmed, scattered and like we are barely keeping up. In the second, that feeling of empowerment is growing...and I like it. The third illustrates the feeling of Victory! -- a small one but a victory worth celebrating nonetheless. And, the fourth, really hits home the "you can do it" part. You take everything you've got and fire away. That feels good. I think you should add a 5th slide that shows "All for me and none for you". :-) Thanks for the great visual aids. I love them. In the first one, we feel overwhelmed, scattered and like we are barely keeping up. In the second, that feeling of empowerment is growing…and I like it. The third illustrates the feeling of Victory! — a small one but a victory worth celebrating nonetheless. And, the fourth, really hits home the “you can do it” part. You take everything you’ve got and fire away. That feels good.

I think you should add a 5th slide that shows “All for me and none for you”. :-)

]]> By: nick http://www.ncnblog.com/2008/08/27/how-to-get-out-of-debt-an-illustrated-guide-to-debt-reduction/comment-page-1/#comment-131204 nick Fri, 10 Oct 2008 14:12:22 +0000 http://www.ncnblog.com/?p=1690#comment-131204 This is an absolutely great article. The diagram makes it extremely easy to read. The trick is to get past debt A. Once you do that you will be motivated and watch your debt disappear at an increased rate This is an absolutely great article. The diagram makes it extremely easy to read. The trick is to get past debt A. Once you do that you will be motivated and watch your debt disappear at an increased rate

]]> By: jess http://www.ncnblog.com/2008/08/27/how-to-get-out-of-debt-an-illustrated-guide-to-debt-reduction/comment-page-1/#comment-130689 jess Sat, 04 Oct 2008 02:39:25 +0000 http://www.ncnblog.com/?p=1690#comment-130689 I like this visual example. My only suggestion is that people not limit themselves by making a single extra payment if they can make more. It doesn't HAVE to be a single extra payment, you can pick whatever sum you choose above and beyond your minimum to send to ONE balance at a time. Let's say you have $200 a month to devote to debt repayment. You have three minimum payments, each $40. That means you would send $40 to two of the balances, and send $120 to the third! When the first is paid off, send $40 to one and $160 to the other, and so on. I would recommend people send every extra cent they can to debt repayment, and if you're not in the mindset of only having to send "one extra payment", you might be inspired to send more. I like this visual example. My only suggestion is that people not limit themselves by making a single extra payment if they can make more. It doesn’t HAVE to be a single extra payment, you can pick whatever sum you choose above and beyond your minimum to send to ONE balance at a time.

Let’s say you have $200 a month to devote to debt repayment. You have three minimum payments, each $40. That means you would send $40 to two of the balances, and send $120 to the third! When the first is paid off, send $40 to one and $160 to the other, and so on. I would recommend people send every extra cent they can to debt repayment, and if you’re not in the mindset of only having to send “one extra payment”, you might be inspired to send more.

]]> By: Someone http://www.ncnblog.com/2008/08/27/how-to-get-out-of-debt-an-illustrated-guide-to-debt-reduction/comment-page-1/#comment-128607 Someone Wed, 10 Sep 2008 18:05:47 +0000 http://www.ncnblog.com/?p=1690#comment-128607 @RT-- depending on how the loan is set up and how much the extra payment is for, sometimes the "default" action is to push the due-date of the next payment out. So, instead of having a lower principal, you just have a longer period of time before you HAVE to send them the next payment. (This is bad for you, because you are paying interest on it in the meanwhile-- by paying early, YOU'VE just given THEM an interest-free loan! Which is why it's important to make sure they apply it to principal) @RT– depending on how the loan is set up and how much the extra payment is for, sometimes the “default” action is to push the due-date of the next payment out.

So, instead of having a lower principal, you just have a longer period of time before you HAVE to send them the next payment.

(This is bad for you, because you are paying interest on it in the meanwhile– by paying early, YOU’VE just given THEM an interest-free loan! Which is why it’s important to make sure they apply it to principal)

]]> By: Frugal Vet Tech http://www.ncnblog.com/2008/08/27/how-to-get-out-of-debt-an-illustrated-guide-to-debt-reduction/comment-page-1/#comment-127824 Frugal Vet Tech Wed, 03 Sep 2008 23:21:54 +0000 http://www.ncnblog.com/?p=1690#comment-127824 Add me to the list of people who really liked the visual! Add me to the list of people who really liked the visual!

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