Comments on: How To Pay Off More Than One Debt

By: Craig@Debt Support Trust

Craig@Debt Support Trust — Mon, 07 Mar 2011 16:01:41 +0000

A structured plan is always the best option. Creditors will generally complain if they are being left till last to be paid. The correct way is to contact all creditors and make a pro-rata payment. By communicating with the people you owe money to you can resolve many creditor problems before they arise.

By: Jackson

Jackson — Wed, 21 Apr 2010 23:38:04 +0000

Nice just came across this post. That snowball method seems like an effective approach for taking action yourself before resorting to credit counseling services or debt settlement companies.

By: Rob From Debt Relief USA

Rob From Debt Relief USA — Sun, 11 Apr 2010 13:07:39 +0000

Our members have reported great results following the snowball method as mentioned in your post. By making a list of all your debts, and then focusing all your attention on paying off the smallest debt first people quickly see results and so are more likely to stick to the plan. Once the smallest debt is settled, move on to the next smallest debt and so on until all your debts have been paid off.

By: Stephanie

Stephanie — Fri, 20 Nov 2009 22:56:24 +0000

I’ve never heard of DebtSpark – thanks Kerri, I’ll check it out!

By: Kerri

Kerri — Fri, 20 Nov 2009 17:15:46 +0000

There’s a new site called DebtSpark (http://www.debtspark.com) that provides a simple snapshot of debt with income and expenses….it allows you to enter figures monthly and charts changes over time. It’s step one for getting an understanding of your debt and general financial picture.

By: Roger

Roger — Sun, 08 Nov 2009 18:50:21 +0000

More good stuff, Stephanie. I do like your ‘annoyance factor’ method, although the mathematician in me means I’ll end up paying off the highest interest debts, even if they don’t bother me that much.

By: Stephanie

Stephanie — Fri, 06 Nov 2009 13:19:40 +0000

The Debt Tsunami is really just the Annoyance Factor by a different name. Probably a better name, but it’s the same concept.

By: Friday Links | The Canadian Finance Blog

Friday Links | The Canadian Finance Blog — Fri, 06 Nov 2009 10:02:51 +0000

[...] Poorer Than You shows how to pay off more than one debt. [...]

By: Douglas

Douglas — Fri, 06 Nov 2009 08:01:41 +0000

There is also the Debt Tsunami, made famous by ManVSDebt. I like that one, or my version being the War on Debt.

By: Stephanie

Stephanie — Tue, 03 Nov 2009 13:27:42 +0000

True, prevention is a whole lot better than trying to make up for it afterward. But sometimes the choices and situations of our lives pull us into debt without much recourse at the time. Student loans are a good example – sure, you can make choices to avoid them, but they are sometimes the best choice anyway. That’s why people sometimes classify debts in terms of “good debt” and “bad debt,” I suppose.