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Oct 21, 2024
4:31:55pm
TeeKaa All-American
#2 is by far the better lane to take. If you need a win and there is a smaller

loan you can pay off in no more than 3 months, then pay that off and feel great about it. 

Then do the heavy lifting hitting the highest interest rate item.  Keep pounding on that.  Once one is paid off - use 100% of what you were putting towards it, to the next highest interest rate loan. 

NEVER be late on payments, those late fees will kill all progress.

Don't use the credit cards - at all.  Put them in the freezer, out of your wallet and purse.

Review items you don't need or can cut back. 

Don't go out to eat.  NEVER do the food delivery services.

See if you can raise your insurance deductibles.  If it's $250 collision - raise to $1,000.  Comprehensive deductible can be raised.

Sell a car if you can without getting hurt on the payoff.  If another car is needed - get a small junker and only get liability on it.

If you're paying for Youtube, Hulu, netflix, etc.  Get rid of them all.

If you can reduce your cell billing i.e. you're past the contract date - get a cheap, cheap, plan that lets you bring your old phone - or you get a cheap flip phone.

I'm not a Dave Ramsey fan for somje things, but he makes by and large, excellent sense on paying off debt.

Do not go to paid debt counselors - they don't help ANY more than what advice you're getting on CB. 

It takes effort and discipline.  It IS painful.  But I'll tell you, when you get to a point that you can pay cash for all your needs and have money in the bank because of your efforts - it's a GREAT feeling and makes a world of difference in your mindset and life.  It relieves soooo much stress and pressure on relationships.

Happy to discuss along with the rest of CB.  There is good info on here.

Good luck. 

TeeKaa
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TeeKaa
Joined
Jun 11, 2003
Last login
Oct 22, 2024
Total posts
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