Paying Off Big Debt - April 2018

[Baldilocks]

Larry Burkett was a mentor to, or he at least heavily inspired Dave Ramsey, who also built his debt elimination "baby steps" on the debt snowball method. He often mentions Burkett in his podcasts.

ej: BTW, I LOVE listening to the DR podcasts. I know a lot of people get turned off by the evangelical Christian slant, but if you can overlook that, I just love the no-nonsense/common sense way he talks to people about their finances.

Ok I'm not sure who it was, It may have been Dave Ramsey. All I can remember is that we did it when we had multiple cards, and it was awesome to pay one off and move on to the next one. Looks like I have forgotten almost as much as I've learned.

[Teacher Terry]

Echase, good for you realizing there is a problem and taking action. CL: I know you are part of a team but if it was me I would do the car loan first because once paid off you could put all that $ on the home equity loan. Our debt includes a very low mortgage of 400/month and a low car loan. The car is paid off in 10 months and since we don't drive a ton should last many years. That car is 10 years old with 42k/miles and our other one is 62k/miles on an 8 year old car. When one of them dies I am thinking we will try having 1 car since we can use Uber if we both need to go somewhere.

[Chicken lady]

Got paid on Friday, so I went to the bank today and paid my $500 plus $500 more on the car loan. I should be able to make two more big payments on the car loan and then the minimum over the summer. If nothing comes up, I will finish paying it off before the end of the next school year.