The Motley Fool Discussion Boards

Previous Page

Personal Finances / Credit Cards and Consumer Debt

URL:  http://boards.fool.com/pmad-thats-truly-terrific-i-applaud-your-10009157.aspx

Subject:  Re: Sticking to it! Date:  6/20/1997  8:28 PM
Author:  TMF2Aruba Number:  78 of 312236

Pmad,

That's truly terrific! I applaud your thinking on paying down your debt!

A similar thing happened with my sister who had accrued a massive debt on her cards. She, too was making only minumum payments, and when I asked her why, she told me that she was trying to squirrel away a little in the bank.

When I made her calculate the measely interest on her bank account, and then calculate what the mounting interest on her cards was doing to her, I made her realize that the FIRST thing she needed to do was to pay herself first by paying off those cards.

She realized that she was actually saving more money by eliminating the debt.

With that now behind her, she is now truly able to save, and is also working on building that nestegg into something substantial to invest with.

Tony
TMF2Aruba
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us