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For Good

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Of course one of the first things that popped into my head after starting our Spending Fast was all of the things that I NEEDED to buy. Well, I didn't really need them. I wanted them.
Huge difference.
It just so happened that yesterday I received a boost of reassurance and confidence while hanging out at me mums house for the 4th. I decided to look through the July issue of the Ensign. I swear this article was written just for me, but I'm positive we aren't the only ones in this boat. There was an excellent article on Getting out of Debt-for Good that said all of the right things to help me know we're doing the right thing. To be completely honest, this isn't the first time an article or talk has been given to those belonging to our religion about avoiding the bondage of debt. I guess we just figured the things that we were getting on credit were all right because they are a part of the "cultural norm" of attaching debt to almost everything we own. We're NOT okay with this! Nor should anyone else be. Oh, how I admire those who have listened to the words of our prophets past and present and disciplined yourselves and avoided the dreaded word of debt.
Thank you for being such good example to us!


So my question to you has to do with the examples they give in the article. They paid off their smallest amounts first to help with the "snowball affect", to keep the ball rolling on paying off debt. That debt had no interest accruing while they had 6 other credit card amounts that were accruing debt. 
Do YOU pay off the amount that isn't accruing interest because it's morally correct to pay back some one who lent you money out of the goodness of their heart or do you pay off the credit card debt that is carrying a 24.9% interest? 
Please, give me your two cents!

Comments

Erin said…
When we did the snowball effect we were doing Dave Ramsey's plan and we listed our smallest debt, no matter the interest rate, and paid that one off first. Mathematically it is better to pay off the higher interest rate things first but there is just something about getting momentum that works so much better. When you pay off a little $20 debt and then a $100 debt and then a $200 debt and then a $500 debt it feels so much more motivating and rewarding to see those disappear than it feels to pay off the exact same amount but pay it to the $15000 debt item that you have instead. So in my opinion I would do the smallest debt first. It just seems so much more motivating to pay the smaller ones off first. It helps you to see progress quicker.

Good luck!!
July 5, 2011 at 3:43 PM
Gallant Family said…
sorry, I don't have two cents to give, but I know a lot of people who have done the Dave Ramsey plan and it has worked for them. We have somehow managed to never have credit card debt, other than our couches when we first bought our house, but that was not very much at all. Kudos to you guys for working on getting it under control!!!
August 8, 2011 at 9:53 AM
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