Comments on: A 5 Step Strategy for Getting Out of Debt http://allfinancialmatters.com/2006/01/19/a-5-step-strategy-for-getting-out-of-debt/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Sat, 21 Nov 2009 13:00:57 -0800 http://wordpress.org/?v=abc hourly 1 By: Ten Nasty Money Habits—AllFinancialMatters http://allfinancialmatters.com/2006/01/19/a-5-step-strategy-for-getting-out-of-debt/comment-page-1/#comment-262199 Ten Nasty Money Habits—AllFinancialMatters Sun, 30 Mar 2008 14:50:30 +0000 http://www.allthingsfinancialblog.com/?p=295#comment-262199 [...] rates are getting harder to find. Therefore, NOW is a great time to get your cards paid off. This post might help [...] [...] rates are getting harder to find. Therefore, NOW is a great time to get your cards paid off. This post might help [...]

]]> By: Steve http://allfinancialmatters.com/2006/01/19/a-5-step-strategy-for-getting-out-of-debt/comment-page-1/#comment-132685 Steve Fri, 24 Aug 2007 18:30:30 +0000 http://www.allthingsfinancialblog.com/?p=295#comment-132685 The method above is great for people who have the knowledge time and discipline to follow through, many other people need professional help The method above is great for people who have the knowledge time and discipline to follow through, many other people need professional help

]]> By: Charles Hamel http://allfinancialmatters.com/2006/01/19/a-5-step-strategy-for-getting-out-of-debt/comment-page-1/#comment-32836 Charles Hamel Sun, 15 Oct 2006 00:14:58 +0000 http://www.allthingsfinancialblog.com/?p=295#comment-32836 Getting out of debt is the first step to financial freedom. It's a shame that personal finances are not taught in our schools. But of course outlining sentences is much more usefull in my day to day life. Thanks for your article Getting out of debt is the first step to financial freedom. It’s a shame that personal finances are not taught in our schools. But of course outlining sentences is much more usefull in my day to day life.

Thanks for your article

]]> By: Dave http://allfinancialmatters.com/2006/01/19/a-5-step-strategy-for-getting-out-of-debt/comment-page-1/#comment-1141 Dave Tue, 24 Jan 2006 22:19:08 +0000 http://www.allthingsfinancialblog.com/?p=295#comment-1141 Why write down the interest rate when you aren't going to consider it? Isn't the best plan to pay down the loan with the highest interest rate first? Rather than calculating this "factor number?" Why write down the interest rate when you aren’t going to consider it? Isn’t the best plan to pay down the loan with the highest interest rate first? Rather than calculating this “factor number?”

]]> By: Investing Intelligently » Blog Archive » Carnival of Debt Reduction #19 http://allfinancialmatters.com/2006/01/19/a-5-step-strategy-for-getting-out-of-debt/comment-page-1/#comment-1126 Investing Intelligently » Blog Archive » Carnival of Debt Reduction #19 Mon, 23 Jan 2006 17:37:44 +0000 http://www.allthingsfinancialblog.com/?p=295#comment-1126 [...] The Canadian Capitalist is hosting the Carnival of Debt Reduction this week. My favourites: “Cash-Back Credit Cards,” “Contractions,” and “A Five Step Stategy for Getting out of Debt.” [...] [...] The Canadian Capitalist is hosting the Carnival of Debt Reduction this week. My favourites: “Cash-Back Credit Cards,” “Contractions,” and “A Five Step Stategy for Getting out of Debt.” [...]

]]> By: Canadian Capitalist » Carnival of Debt Reduction # 19 http://allfinancialmatters.com/2006/01/19/a-5-step-strategy-for-getting-out-of-debt/comment-page-1/#comment-1120 Canadian Capitalist » Carnival of Debt Reduction # 19 Mon, 23 Jan 2006 12:35:22 +0000 http://www.allthingsfinancialblog.com/?p=295#comment-1120 [...] A 5 Step Strategy for Getting Out of Debt: AllThingsFinancial looks at Loral Langemeier’s (author of The Millionaire Maker) debt reduction formula in A 5 Step Strategy for Getting Out of Debt. [...] [...] A 5 Step Strategy for Getting Out of Debt: AllThingsFinancial looks at Loral Langemeier’s (author of The Millionaire Maker) debt reduction formula in A 5 Step Strategy for Getting Out of Debt. [...]

]]> By: Jon Morrow http://allfinancialmatters.com/2006/01/19/a-5-step-strategy-for-getting-out-of-debt/comment-page-1/#comment-1095 Jon Morrow Sat, 21 Jan 2006 01:38:46 +0000 http://www.allthingsfinancialblog.com/?p=295#comment-1095 Yes, that's why I listed the qualifier of "if you're talented investor." I'm not trying to be adversarial here. Just listing another opinion. Yes, that’s why I listed the qualifier of “if you’re talented investor.”

I’m not trying to be adversarial here. Just listing another opinion.

]]> By: JLP http://allfinancialmatters.com/2006/01/19/a-5-step-strategy-for-getting-out-of-debt/comment-page-1/#comment-1088 JLP Fri, 20 Jan 2006 20:26:38 +0000 http://www.allthingsfinancialblog.com/?p=295#comment-1088 Jon, What you say may be true but in reality most people who have consumer debt have it because of mismanaging their money, not because they are investing it. Besides, one cannot count on a consistent 40% return so it is best to pay off credit card debt and THEN invest. Really and truly a person should not have credit card debt. Jon,

What you say may be true but in reality most people who have consumer debt have it because of mismanaging their money, not because they are investing it. Besides, one cannot count on a consistent 40% return so it is best to pay off credit card debt and THEN invest.

Really and truly a person should not have credit card debt.

]]> By: Jon Morrow http://allfinancialmatters.com/2006/01/19/a-5-step-strategy-for-getting-out-of-debt/comment-page-1/#comment-1087 Jon Morrow Fri, 20 Jan 2006 19:03:36 +0000 http://www.allthingsfinancialblog.com/?p=295#comment-1087 Sometimes, it's not in your best interest to pay off debt though. At least, not all of it. Making regular payments on credit cards, cars, and mortgages can build up your credit history and increase your borrowing power. In other words, lenders like to see that you're a responsible borrower before they loan you money. If you're debt free, it's harder to figure out whether you're a responsible borrower or not. If you're talented investor, you might also be better off investing your money than paying off debts. This is certainly a more gutsy strategy, but a lot of successful investors use it. When your credit cards are at 6% and you can invest your money for a 40% return, why take the $10,000 you just made and waste it on paying down debt? You're better off investing it. Sometimes, it’s not in your best interest to pay off debt though. At least, not all of it. Making regular payments on credit cards, cars, and mortgages can build up your credit history and increase your borrowing power. In other words, lenders like to see that you’re a responsible borrower before they loan you money. If you’re debt free, it’s harder to figure out whether you’re a responsible borrower or not.

If you’re talented investor, you might also be better off investing your money than paying off debts. This is certainly a more gutsy strategy, but a lot of successful investors use it. When your credit cards are at 6% and you can invest your money for a 40% return, why take the $10,000 you just made and waste it on paying down debt? You’re better off investing it.

]]> By: Jesse http://allfinancialmatters.com/2006/01/19/a-5-step-strategy-for-getting-out-of-debt/comment-page-1/#comment-1086 Jesse Fri, 20 Jan 2006 16:33:59 +0000 http://www.allthingsfinancialblog.com/?p=295#comment-1086 Let's not forget that you need to change your habits if you're going to get out of debt! A sound budget would do well for anyone that's looking to start building their financial foundation. Let’s not forget that you need to change your habits if you’re going to get out of debt! A sound budget would do well for anyone that’s looking to start building their financial foundation.

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