Help with credit card debt

I agree 100% A lot of people are saying to start with the highest interest rate first, which mathematically makes sense, but in the long run it's best just to start paying off the smallest first. Let me explain.

Once you see that first credit card balance hit zero you will be pumped! The momentum you got from paying off the card with the lower balance will carry onto the next card and so on... For the first time you will finally see progress on your debt snowball and finally start living that dream you are thinking about every hour of the day.

I'm a Dave Ramsey fan 100% He has a ton of books, I recommend turning off your tv for 3 or 4 nights for ONE week and read his book My Total Money Makeover from cover to cover(3 nights of no tv shouldn't be that hard lol).


Have a written budget BEFORE the month starts. Write down every dollar you are going to make that month and have a name for each dollar (where that dollar will is going to be spent) before you even start the month.

Use cash on all purchases, it really makes you aware of when (and what) you spend money on(rather than just swiping a card). Have separate envelopes for each expense. For example put X amount of money in a envelope for entertainment that month, once all the money is empty in that envelope no more spending money on entertainment.


Last of all, listen to Dave's show. They are played in nearly every major city across the US. If you can listen to music at work listen to him from either his website or his channel on I Heart Radio.

 

^^this. it is about the mind game. you pay off the "easy" ones first and you will see the success. the success will fuel the momentum for the next bigger balance. so on and so forth.

none of this works unless you do the FIRST step. shred the credit cards. sorry. i know a guy that pays $300 in and charges $200 and all he remembers is the $300 he paid. again, it is a mind game.

your numbers are effen scary.

 

you guys do realize that Dave Ramsey is becoming a millionaire off of your debt, right?

eff that guy..it is just math. fundamental math.

 

This is why I don't buy his books... You can listen to him on the radio for free... I don't think all of his advice is that great anyway... He always said not to buy gold, then it tripled in value in a very short period of time... Anyone that knows much about the economy should know that gold prices always explode when the dollar loses value and the economy tanks...

 

I think the reason he, and others, don't recommend buying gold as an investment is because the price of gold is largely driven by emotions. A lot of people by gold out of fear... Fear about economy, world economy, supply and demand.


Just my .02, open to hearing other opinions...