I watched the Oprah show yesterday and this is new advice Suze Orman is telling people about paying off credit cards. I found it interesting and thought I would make a written note of it here.
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Kolfinnas Korner says
Hubby and My opinion is that this isn’t the best way to do this….you will probably pay more in interest in the long run on your loans/credit cards than you’re actually saving in your emergency fund. I’m not a big fan of Dave Ramsey, although I’ve seen the results of those in our church who have taken his financial peace course. Here is his suggestion on how to take down debt:
http://www.daveramsey.com/etc/cms/baby_steps_2867.htmlc Take Baby Steaps. He suggests starting with a $1000 emergency fund, then pay down your debt with the snowball method, get 3-6 months savings built up……etc. This is basically the way we did it long before we knew who Dave Ramsey was. He also tells you in the FPU course to use the envelope method and STICK WITH IT. E-mail me if you want. I’d be happy to give you more information on how hubby and I got out of debt. (more info than I’ve posted in the past on my blog.)
Mommy says
I started listening to Dave Ramsey about a month ago every afternoon I have the time. He has a show that runs about 3 hrs, I find it pretty informative so far. Just out of pure coincidence I had a friend let me read her copy of Total Money Makeover, I am not done yet but working on it.
Kolfinnas Korner says
http://www.favecrafts.com/index.php/hct/Easter-Crafting-and-Recipe-eBook
Got this free e-book link from dining on a dime thought you miget get some use out of it.