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1459 clicks; posted to Business » on 22 Oct 2020 at 9:35 AM (18 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2020-10-22 9:55:47 AM  
4 votes:

Merltech: Main thing is to pay shiat off starting with highest interest items first - (The swear jar just got a tip)


Depends on a lot of factors.

When I was younger and in lots of debt, I focused on taking out the smallest amounts first - regardless of interest. I know I paid out more in all, but there was a psychological value in having FEWER debts. In seeing the payoff of the effort I was putting in.

I know I should have knocked down the high interest credit card first, but it would have taken long months before I really felt I was making a dent. By knocking out all the small debts first (and making minimum payments on all to maintain what was left of credit rating) , it was the last one standing and nobody was chasing me for payment
 
2020-10-22 1:07:04 PM  
2 votes:

montreal_medic: Merltech: Main thing is to pay shiat off starting with highest interest items first - (The swear jar just got a tip)

Depends on a lot of factors.

When I was younger and in lots of debt, I focused on taking out the smallest amounts first - regardless of interest. I know I paid out more in all, but there was a psychological value in having FEWER debts. In seeing the payoff of the effort I was putting in.

I know I should have knocked down the high interest credit card first, but it would have taken long months before I really felt I was making a dent. By knocking out all the small debts first (and making minimum payments on all to maintain what was left of credit rating) , it was the last one standing and nobody was chasing me for payment


My approach was to "gamify" it, by keeping a simple spreadsheet of my monetary assets, debts, and interest.  Including a calculation of how much in interest I was paying each month.  When I made a payment on a big debt that wasn't going away for a while, I got the reward of seeing the debt number drop, the interest cost each month go down, and my total net worth go up a little bit.  After a while, it feels like you're in a game, and you get the psychological reward systems associated with it.

The number of debts stayed high for a while, but seeing that interest number drop and being able to fold each extra dollar into a principle payment to speed it up helped so much.  But anything you can do to start making good decisions is helpful.
 
2020-10-22 10:15:59 AM  
2 votes:
Hookers and blow. The answer is always Hookers and blow...and butt sects
 
2020-10-22 10:00:18 AM  
2 votes:
That article is very timely.  An even better article would be about how to avoid paying inflated hospital Covid bills after your loved one passes away.
 
2020-10-22 5:33:59 PM  
1 vote:
Thanks for reminding me that Trump raised my taxes with that Secure act. Double the exception for people who inherit millions, but increase the taxes on us working shlubs who stand to inherit tax deferred accounts from our parents.
 
2020-10-22 9:30:39 AM  
1 vote:
Main thing is to pay shiat off starting with highest interest items first - (The swear jar just got a tip)
 
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