The Motley Fool Discussion Boards
Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: Saving vs. Paying credit card debt||Date: 2/25/2013 12:10 PM|
|Author: AJermo||Number: 306829 of 308986|
I'm close to being out of debt and followed Dave Ramsey's program (google it),
1. save $1000 in CASH for emergencies (true emergency..not something is on sale emergency).
2. make a budget and assign every dollar a place to go.
3. all funds left over after necessities go to paying off debt.
4. pay off all debt except house before working towards 6 months bills.
If you don't watch your money and tightly budget then you probably waste a large amount in what I call nickle and dime leaks.
Look at his (Dave Ramsey) program for getting out of debt. I don't necessarily agree with his investing advice but his debt strategy has worked for me. I'm about 15 months (barring any major issues) from being out of debt except for my house.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|