Debt Reduction Help
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Rick B posted: 28 Jul at 6:15 pm
I used the smallest balance first. Dave Ramsey all the way!!!!!
Debt free except the house here! With a heck of an emergency fund!!!
doreen k posted: 29 Jul at 3:58 am
Same here – smallest balance first.
Also, I started tracking my spending. I found that much more effective than “budgeting.” Helped me become more deliberate in my spending habits and my husband and I conquered a big pile of debt that way – about $80,000 in less than five years.
I’m also a big Dave Ramsey fan.
$0.02 posted: 01 Aug at 1:55 pm
My wife and I both only have one card each, so when we married we decided that we’d pay the largest interest first.
Saves more money, but I can understand the smallest balance method if you need that extra boost to stay positive. We don’t need that, so we don’t use it.
bobby769 posted: 03 Aug at 2:14 am
I poured my money into the debt that had the highest $$ amoutn going to finance charges. Doing that is effective for ’stopping the bleeding’ because it relatively quickly reduces the total amount being paid in finance charges.
JustThrive.com posted: 04 Aug at 4:24 am
As psychologists like me are quick to point out, the “small balance first” helps you keep up your motivation: paying off your debt makes you feel like you’ve done something big by making sure you get the quickest rewards.
But this extra motivation comes at a serious cost: you’ll pay more in interest while you’re paying off the easy cards, and if your debt is significant, that can mean that you’ll pay quite a lot to “stay motivated”.
At Thrive, we recommend the “highest interest first” method and actually make it easier for people to do that. Why? Because we give you encouragement elsewhere on the site, help you budget so it doesn’t take as long to pay down debt, etc.
So even if, as a psychologist, I can understand the motivational piece of “pay the smallest off first”, there is no getting around the fact that it is flat-out more expensive. And if your goal is to pay off your debt, you want to do that as cheaply, and as quickly, as possible.
Hillary posted: 06 Aug at 12:00 am
I would visit a website like They have a review of several debt consolidation companies.
Johanne C posted: 08 Aug at 4:23 am
Personally, I’d go for the biggest interest first. You’ll probably be saving more in the long term by paying the biggest interest now.
But then again, it will also depend on your personal financial situation and what you could comfortably manage without significantly compromising your budget for necessities.