Comments on: 25 Debt Reduction Tips For Your Immediate Action Plan

By: Todd

Todd — Tue, 10 Apr 2012 19:20:24 +0000

I married a frugal person and it has made all the difference. If you’re considering getting married, make sure you’re on the same (frugal) page as far as finances are concerned.

By: AJ

AJ — Fri, 30 Mar 2012 01:44:49 +0000

C Morrow,

Great advise and wonderful that your husband was able to let go of the status symbol. Congratulations.

By: C MORROW

C MORROW — Thu, 29 Mar 2012 07:01:08 +0000

Anyone having money issues should do this task first – start a money diary and every penny that is spent in that house hold must be written down for at least 1 month, just to get a clear snap shot of where your funds are going. We found ours was disappearing into lottery tickets and the gas tank of my husbands truck that he drove because it made him look good. With a clear picture in mind we sold the truck and bought a small economy car and limited our lottery ticket spending. Guess what? We have traveled the world, have a nice home and rental property and a good retirement as a result. So figure out what are your money pits and work together to solve them and you too can be the millionaire next door.

By: sticky

sticky — Fri, 23 Mar 2012 02:42:54 +0000

You’re right. Great point, I’m surprised it wasn’t in the article. After REGIONS BANK started screwing me over w $14/mo fees, I moved my acct to a credit union. Wish I had done it sooner.
Didn’t know about the penalty for multi paymts..thanks

By: Wes

Wes — Wed, 14 Mar 2012 20:49:51 +0000

@ JvP

#25, i believe, is the “Get started today.” comment.

By: Wes

Wes — Wed, 14 Mar 2012 20:48:03 +0000

You forgot one very important point. CELEBRATE THE SUCCESSES!

Example: when you use the “snowball effect”, make sure to treat yourself for each debt paid off. If you do not provide yourself with the positive reinforcement it is easy to fall back off track. This is not to say go get back into debt, but keep that ONE payment to celebrate with, then apply it to the next debt.

You can do this everyone!

Sincerely, a debt free individual!

By: Cody

Cody — Tue, 07 Feb 2012 18:29:35 +0000

I hate to say, but the stuff about asking for a lower interest rate never hurting is total bunk.

The last time I called up my CC company to ask about disparate rates (one card was 9%, the other 20!) and if they could do anything about it, I was put on hold 4 times, dropped once, transferred at least 3 times, until I finally got to an ‘account specialist’ who, after asking about my job, income, etc. told me that A) not only could he not do anything about the interest rates but B) he was dropping the limits on both cards to within 100 dollars of the current balance (resulting in a net loss of about 4,000 in free credit, thus making me look MUCH more ‘tapped out’ and affecting my credit score).

Needless to say, I wasn’t happy about the ‘it can’t hurt to ask’ advice I’d read all over, and I was even more pissed about the company’s policy (BoA, in case you were wondering).

Just something to keep in mind.

By: JvP

JvP — Thu, 02 Feb 2012 08:05:29 +0000

#25 – always do the math, and double-check the numbers
I only see 24 tips
Very valuable advice! Lots of stuff to consider.

By: tommyt56

tommyt56 — Wed, 01 Feb 2012 18:15:12 +0000

Seco,

That’s easy to make $500 an hour- just sell something you own that’s worth over $500.
On eBay, I sell stuff that goes between $50 to $1000. If it takes me 1/2 hour to create a nice ad for something that will sell for $500 then spend another 1/2 hour boxing it up and shipping it I made $500/Hr minus costs.

Sure, you can call me an idiot, but I didn’t sell you or try to sell you an over-hyped sales pitch charging you $30 for a booklet on how to make $500 an hour!
Very few people make that kind of money, and even when I do, it’s a one-time shot, it is NOT a 40 hour week! Everyone likes to think when they read that kind of stuff .

Maybe you know someone who has stuff they want to sell and doesn’t know how to price or sell it. You could offer to sell their stuff for 5-25% commission if and when it sells due directly to your effort. That’s best of all, you only have time invested and not $$$$.

Think outside the box! Too many people are looking for a “job” and not Abundance. There are things for sale right in front of your eyes if you will be open and see them!

There always were and always will be deals to be made in every corner of the planet. Maybe the next one could have your name on it!

Cast away your fears and have a real good look around you with an open mind and you’ll find things you’ve never seen before even though they’ve always been there.

All the Best,

Tom

By: Jim

Jim — Tue, 17 Jan 2012 16:52:10 +0000

Owing $120000 on my house 4 years ago, I walked into my bank and asked my banker what the payment on a new Mercedes car that cost $120000 would be for 5 years at 5% interest. He said $2450. At the time my house payment was $1200 for 15 years. So I told him, forget the Mercedes, and give me the 5 years $120000 note on my house. I got a part time job that pays $250 per week, I quit smoking, I canceled all my credit cards and my house will be fully paid off in 13 more months. I even had a chart printed out with 4 columns with payment amount $2564 in col 1, interest amount in col 2, principle reduction in col 3 and outstanding balance in col 4. WHAT A VISUAL DIFFERENCE this chart made. I got it posted right on the fridge and yellow highlight each line as each payment is made. I probably saved over $80000 in interest vs the 15 year note. No matter what happens, when its paid off, they can’t take my house away!!!