Comments on: 31 Days To Fix Your Finances, Day 14: Get Rid Of Debts (Slowly But Surely) http://www.thesimpledollar.com/2007/01/14/31-days-to-fix-your-finances-day-14-get-rid-of-debts-slowly-but-surely/ Simple, applicable personal finance advice for the modern world Sat, 21 Nov 2009 23:44:30 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Erik M. http://www.thesimpledollar.com/2007/01/14/31-days-to-fix-your-finances-day-14-get-rid-of-debts-slowly-but-surely/comment-page-1/#comment-375996 Erik M. Wed, 17 Sep 2008 02:32:10 +0000 http://www.thesimpledollar.com/2007/01/14/31-days-to-fix-your-finances-day-14-get-rid-of-debts-slowly-but-surely/#comment-375996 Hi, I like the article and the way it read and it presented some good strategies for eliminating pesky debt burdens. What I did was take your article, make it fit my lifestyle, and then use it to pay off my debt. I thought that by making it fit my lifestyle (I eat out twice a week) and budgeting for it, I could then realize exactly how much I was spending and prepare for it mentally and save the stress of seeing that credit card bill each month. When I started, I had $2000 owed on one credit card and $900 on another. I first tallied all my eating out expenses and didn't tally the rest because I wanted to simplify it as much as I could. I then saw that I used $180 a month in dining and bar expenses. I knew that was a 'given' expense that will be there every month. I took the credit card that I used to dine out on (the one with the $2000 balance) and put it in a separate area of my wallet so I knew what card was the card I should use to eat out. Then I let the card with the $2000 balance float (meaning I only paid off the minimum payment) and began to tackle the card with $900 balance. Since I knew I had to budget $180 for dining out, I knew exactly how much I could afford to pay on the card with the $900 balance. After knowing that, I paid it off in two months, or $450 one month and $450 the next without changing my lifestyle too much. Now I was able to get the big card paid off. After knowing I had $450 extra a month (since I paid off the card with the $900 balance) and the budgeted $180 for dining, I could then use that extra $450 to tackle the $2000 debt load I was carrying. By then, the $2000 debt became $2300 and I only had to make a small adjustment of not eating out twice a month to pay off that card in a quick five months. Erik M. Daytona Beach, FL Hi,

I like the article and the way it read and it presented some good strategies for eliminating pesky debt burdens.

What I did was take your article, make it fit my lifestyle, and then use it to pay off my debt. I thought that by making it fit my lifestyle (I eat out twice a week) and budgeting for it, I could then realize exactly how much I was spending and prepare for it mentally and save the stress of seeing that credit card bill each month.

When I started, I had $2000 owed on one credit card and $900 on another. I first tallied all my eating out expenses and didn’t tally the rest because I wanted to simplify it as much as I could. I then saw that I used $180 a month in dining and bar expenses. I knew that was a ‘given’ expense that will be there every month. I took the credit card that I used to dine out on (the one with the $2000 balance) and put it in a separate area of my wallet so I knew what card was the card I should use to eat out.

Then I let the card with the $2000 balance float (meaning I only paid off the minimum payment) and began to tackle the card with $900 balance. Since I knew I had to budget $180 for dining out, I knew exactly how much I could afford to pay on the card with the $900 balance. After knowing that, I paid it off in two months, or $450 one month and $450 the next without changing my lifestyle too much. Now I was able to get the big card paid off.

After knowing I had $450 extra a month (since I paid off the card with the $900 balance) and the budgeted $180 for dining, I could then use that extra $450 to tackle the $2000 debt load I was carrying. By then, the $2000 debt became $2300 and I only had to make a small adjustment of not eating out twice a month to pay off that card in a quick five months.

Erik M.
Daytona Beach, FL

]]> By: oftherock http://www.thesimpledollar.com/2007/01/14/31-days-to-fix-your-finances-day-14-get-rid-of-debts-slowly-but-surely/comment-page-1/#comment-371821 oftherock Wed, 10 Sep 2008 06:07:32 +0000 http://www.thesimpledollar.com/2007/01/14/31-days-to-fix-your-finances-day-14-get-rid-of-debts-slowly-but-surely/#comment-371821 I fit the profile of your readers (25 - 40 years of age with a significant debt burden)... I want to do what is right and that is to be debt-free and start living a worry-free life. I subscribed through email so that I will have the articles right in my inbox. Thanks for sharing your significant insights. Someday I want to write you and inform you that I have cleared all my debts. I fit the profile of your readers (25 – 40 years of age with a significant debt burden)…

I want to do what is right and that is to be debt-free and start living a worry-free life.

I subscribed through email so that I will have the articles right in my inbox.

Thanks for sharing your significant insights. Someday I want to write you and inform you that I have cleared all my debts.

]]> By: Charlotte Wilson http://www.thesimpledollar.com/2007/01/14/31-days-to-fix-your-finances-day-14-get-rid-of-debts-slowly-but-surely/comment-page-1/#comment-311326 Charlotte Wilson Tue, 24 Jun 2008 16:54:49 +0000 http://www.thesimpledollar.com/2007/01/14/31-days-to-fix-your-finances-day-14-get-rid-of-debts-slowly-but-surely/#comment-311326 Thank you so much for your efforts to help others like myself to become "debt free". May God bless and protect you and your family. Charlotte Wilson Thank you so much for your efforts to help others like myself to become “debt free”. May God bless and protect you and your family.

Charlotte Wilson

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