Comments on: The Case for Debt Elimination Over Savings http://www.paidtwice.com/2009/07/24/the-case-for-debt-elimination-over-savings/ Frugal living and debt reduction tips for a better financial future. This is one family's story. Fri, 27 Jan 2012 20:52:38 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Weekly Roundup: The Winner’s Edition! | Credit Karma Blog http://www.paidtwice.com/2009/07/24/the-case-for-debt-elimination-over-savings/#comment-123730 Weekly Roundup: The Winner’s Edition! | Credit Karma Blog Fri, 09 Oct 2009 18:08:56 +0000 http://www.paidtwice.com/2009/07/24/the-case-for-debt-elimination-over-savings/#comment-123730 [...] The case for debt elimination over savings argues the blog, I’ve Paid For This Twice Already. [...] [...] The case for debt elimination over savings argues the blog, I’ve Paid For This Twice Already. [...]

]]> By: mapgirl http://www.paidtwice.com/2009/07/24/the-case-for-debt-elimination-over-savings/#comment-120809 mapgirl Thu, 10 Sep 2009 13:15:31 +0000 http://www.paidtwice.com/2009/07/24/the-case-for-debt-elimination-over-savings/#comment-120809 Ashleyd needs to figure out how to pay stuff online and avoid the stamp. I've got some ING Direct referrals if she wants to bank online and avoid buying stamps. (They will mail a check for you for free!) This was the pep talk that I needed after a month of binging on credit. *Must* *focus* *on* *debt* *payoff* Thanks! Ashleyd needs to figure out how to pay stuff online and avoid the stamp. I’ve got some ING Direct referrals if she wants to bank online and avoid buying stamps. (They will mail a check for you for free!)

This was the pep talk that I needed after a month of binging on credit. *Must* *focus* *on* *debt* *payoff*

Thanks!

]]> By: Weekly Update: The ‘I Feel Like Chicken Tonight’ Edition — Almost Frugal- a frugal blog http://www.paidtwice.com/2009/07/24/the-case-for-debt-elimination-over-savings/#comment-119392 Weekly Update: The ‘I Feel Like Chicken Tonight’ Edition — Almost Frugal- a frugal blog Sat, 29 Aug 2009 10:02:17 +0000 http://www.paidtwice.com/2009/07/24/the-case-for-debt-elimination-over-savings/#comment-119392 [...] The Case for Debt Elimination Over Savings @ I’ve Paid For This Twice Already… [...] [...] The Case for Debt Elimination Over Savings @ I’ve Paid For This Twice Already… [...]

]]> By: Sandy http://www.paidtwice.com/2009/07/24/the-case-for-debt-elimination-over-savings/#comment-116422 Sandy Tue, 11 Aug 2009 06:36:21 +0000 http://www.paidtwice.com/2009/07/24/the-case-for-debt-elimination-over-savings/#comment-116422 I agree with doing both. The thing for me is to reduce my debt down to a level that my unemployment payments will cover if I were ever unemployed while saving enough money to have in case my a hail storm breaks my windshield and same week that I have to take the car in to the dealer for some emergency airbag fault light (true story). I say AMEN to the small emergency fund being there when I needed it since it saved me from adding to the debt. :) I agree with doing both. The thing for me is to reduce my debt down to a level that my unemployment payments will cover if I were ever unemployed while saving enough money to have in case my a hail storm breaks my windshield and same week that I have to take the car in to the dealer for some emergency airbag fault light (true story). I say AMEN to the small emergency fund being there when I needed it since it saved me from adding to the debt. :)

]]> By: Savings http://www.paidtwice.com/2009/07/24/the-case-for-debt-elimination-over-savings/#comment-115369 Savings Mon, 03 Aug 2009 18:22:46 +0000 http://www.paidtwice.com/2009/07/24/the-case-for-debt-elimination-over-savings/#comment-115369 Here's the coolest fact I discovered recently: Paying off debt that has a 12% interest charge is like EARNING 12%!!! Anyone with credit card or other debt (myself included) needs to have this as a mantra. Who doesn't want to get a 12% return on their investment??? Here’s the coolest fact I discovered recently:

Paying off debt that has a 12% interest charge is like EARNING 12%!!! Anyone with credit card or other debt (myself included) needs to have this as a mantra. Who doesn’t want to get a 12% return on their investment???

]]> By: Corporate Barbarian Links: Another Day Closer to Death Edition « The Corporate Barbarian Blog http://www.paidtwice.com/2009/07/24/the-case-for-debt-elimination-over-savings/#comment-115158 Corporate Barbarian Links: Another Day Closer to Death Edition « The Corporate Barbarian Blog Sat, 01 Aug 2009 12:09:14 +0000 http://www.paidtwice.com/2009/07/24/the-case-for-debt-elimination-over-savings/#comment-115158 [...] presents the case for debt elimination over savings.  This is the way we attacked our credit card [...] [...] presents the case for debt elimination over savings.  This is the way we attacked our credit card [...]

]]> By: Funny about Money http://www.paidtwice.com/2009/07/24/the-case-for-debt-elimination-over-savings/#comment-115066 Funny about Money Fri, 31 Jul 2009 13:34:02 +0000 http://www.paidtwice.com/2009/07/24/the-case-for-debt-elimination-over-savings/#comment-115066 I think that in recessionary times it's probably more important to squirrel away a substantial survival fund -- at least six months' worth of living expenses, maybe as much as the equivalent of a year's net income. In normal times? A smaller emergency fund will suffice. Getting rid of debt should probably be the first priority when times are good and your job is reasonable safe. I think that in recessionary times it’s probably more important to squirrel away a substantial survival fund — at least six months’ worth of living expenses, maybe as much as the equivalent of a year’s net income.

In normal times? A smaller emergency fund will suffice. Getting rid of debt should probably be the first priority when times are good and your job is reasonable safe.

]]> By: Kev http://www.paidtwice.com/2009/07/24/the-case-for-debt-elimination-over-savings/#comment-114894 Kev Wed, 29 Jul 2009 18:15:19 +0000 http://www.paidtwice.com/2009/07/24/the-case-for-debt-elimination-over-savings/#comment-114894 The great thing about this debate is that no matter which you go, you are ultimately better off for it. If you pay off all of your debt - it's great. If you beef up your savings account - it's great. If you do a debt payoff / beef up savings combo - again - it's great. Some will argue that you should approach it from a mathematical standpoint and do what makes/saves you the most money. Others will argue that you need to do what best fits your current life-status and that you should do what you're most comfortable with. Either way, you will be better off for it in the end. The ultimate reward of being financial responsible is the options it yields. Those options may come in the form of a plush savings account, they may come in the form of a better night's sleep, they may be the family vacation if you've always wanted, and so on and so on... The goal is just to get there - the route you take is a personal choice and really doesn't matter as long as you get there. The great thing about this debate is that no matter which you go, you are ultimately better off for it. If you pay off all of your debt – it’s great. If you beef up your savings account – it’s great. If you do a debt payoff / beef up savings combo – again – it’s great.

Some will argue that you should approach it from a mathematical standpoint and do what makes/saves you the most money. Others will argue that you need to do what best fits your current life-status and that you should do what you’re most comfortable with. Either way, you will be better off for it in the end.

The ultimate reward of being financial responsible is the options it yields. Those options may come in the form of a plush savings account, they may come in the form of a better night’s sleep, they may be the family vacation if you’ve always wanted, and so on and so on… The goal is just to get there – the route you take is a personal choice and really doesn’t matter as long as you get there.

]]> By: Leigh http://www.paidtwice.com/2009/07/24/the-case-for-debt-elimination-over-savings/#comment-114878 Leigh Wed, 29 Jul 2009 15:09:42 +0000 http://www.paidtwice.com/2009/07/24/the-case-for-debt-elimination-over-savings/#comment-114878 I've done this both ways at different point of my life, and from my experience paying the debt off is far superior. I've had periods in my not so distant past when I had 10K in the bank, and 20K in credit card bills. Right now I'm getting intense on paying off the last of my consumer debt (barring student loans - thanks law school) and keeping my emergency fund at the $1000 minimum. For me, what Dave Ramsey says is right, I am totally freaked out by not having more in savings so I'm working hard to pay off my debt and rebuild my savings account. I’ve done this both ways at different point of my life, and from my experience paying the debt off is far superior. I’ve had periods in my not so distant past when I had 10K in the bank, and 20K in credit card bills.

Right now I’m getting intense on paying off the last of my consumer debt (barring student loans – thanks law school) and keeping my emergency fund at the $1000 minimum. For me, what Dave Ramsey says is right, I am totally freaked out by not having more in savings so I’m working hard to pay off my debt and rebuild my savings account.

]]> By: Enrique S @ The Corporate Barbarian http://www.paidtwice.com/2009/07/24/the-case-for-debt-elimination-over-savings/#comment-114782 Enrique S @ The Corporate Barbarian Tue, 28 Jul 2009 16:31:24 +0000 http://www.paidtwice.com/2009/07/24/the-case-for-debt-elimination-over-savings/#comment-114782 Back when we were in debt up to our eyeballs, we would apply every extra dollar to our credit cards until the balances were paid off. It was a real struggle, but the reward of having no debt was worth it. Back when we were in debt up to our eyeballs, we would apply every extra dollar to our credit cards until the balances were paid off. It was a real struggle, but the reward of having no debt was worth it.

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