The snowball method works. Pay off the smallest debt first, then use that payment to tackle the next one. Keep going until you’re free from debt. Dave Ramsey explains it well in his book.
Avoid debt if you can. I’ve only had a mortgage and one car loan. No credit cards for me.
Blaze said:
Avoid debt if you can. I’ve only had a mortgage and one car loan. No credit cards for me.
Car loans are tricky—some people end up in an endless cycle of debt because of them.
Don’t take on debt unless it’s a mortgage.
Two incomes, no kids, and good planning can help. One partner handles expenses while the other saves for a deposit or mortgage.
You need to hate debt. That’s the only way to avoid it.
Hollis said:
You need to hate debt. That’s the only way to avoid it.
Does that mean you avoid even good debt?
Selling extra stuff like vehicles and using the snowball method worked for me. It’s slow but satisfying.
I give money to a friend to hold because I couldn’t trust myself with it. It’s helped me start paying down debt.
Live within your means.
Remy said:
Live within your means.
Does that mean always living super frugally?