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Debt Avalanche vs. Debt Snowball

July 16th, 2008 at 07:11 pm

I have read Dave Ramsey's book and really enjoyed it. I've also listened to his show and got some wonderful advice and ideas.

I just stumbled across this new method called the Debt Avalanche

Text is http://www.consumerismcommentary.com/2007/08/01/paying-off-debt-6-steps-to-building-a-better-snowball/ and Link is
http://www.consumerismcommentary.com/2007/08/01/paying-off-d.... It's basically the same but puts paying off debt before creating an emergency fund. I dont see why they can't be done at the same time. I mean I understand the point of having an emergency fund because stuff happens. But you can tuck money aside while paying off debt. Now I wonder...which one would really eliminate my debt quickest??

All in my head?

May 6th, 2007 at 10:22 am

One thing I have to STOP doing is trying to keep all of this in my head. I know I need to be A LOT more aggressive in tackling my debt. So step # 1 is to put it down on paper.

As mentioned before I did get a copy of my credit report with all 3 scores. *sigh*
I now need to create my plan of action to get my score up and eliminate this debt. I have another meeting with someone on the 16th (I think) to go over what I need to do.

I keep hearing conflicting stories on whether or not to enter a debt management program. Not sure how to proceed with that. I guess I like the idea of only paying 1 place a month.