It was amazing but also tackling it like that, it was rewarding.. seeing the 1 less bill, I even wrote a little ColdFusion app to hold all the payment info, the bills, etc.. seeing each less bill, watching the "total amount owed" and "total monthly debt" shrink made me feel great.
On Mon, Mar 21, 2011 at 7:29 AM, Scott Stroz <boyz...@gmail.com> wrote: > > Greg, > > You just described what Dave Ramsey calls the 'Debt Snowball'. > > I was amazed at how effective it was in knocking down debt quickly. > > On Mon, Mar 21, 2011 at 8:21 AM, Greg Morphis <gmorp...@gmail.com> wrote: >> >> What I did was list my various debts and amounts owed and APRs, etc.. >> You have 2 options, attack the highest APR ones or lowest amount owed. >> I had 3 credit cards, all around 9% APR, a truck that was 20K 0% APR, >> Car that was 12K and 8% APR >> The truck payment is 450 a month, the car is 212 the minimum on the >> credit card varied, one I only owed 1K on, 2 were 3K and one was 6ish. >> >> I started with the lowest amount owed. I paid bare minimum on >> everything else and focused 100% of all my extra bill paying money to >> pay off one, it was pretty easy to pay off that 1K card, then I moved >> to the 3K card, I put all the extra money I was paying on the 1K card, >> plus the minimum payment OF the 1K card, plus the minimum payment on >> the 3K card and paid it off. >> >> Granted I was no where near 80K you owe, it was more like 45K. 2 years >> later and I owe 3,000 on my truck and we keep 1 credit card and keep >> the balance around 500. And that's it. I could easily pay off the >> truck but with 0% APR, why? >> >> On Sun, Mar 20, 2011 at 10:34 PM, Erika L. Rich <elr...@ruwebby.com> wrote: >>> >>> The Tightwad Gazette. >>> >>> NO. You don't follow every tip that is in it. >>> But read it cover to cover, and make sure there aren't any areas left you >>> might be able to cut back in. >>> Saved my ass several times. Still does. :) Even if it seems we lived a >>> charmed life ... it's because of frugal choices I make in areas no one sees. >>> >>> >>> Read it. It a decent read, cover to cover. >>> >>> >>> >> >> > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:335387 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
