Comments on: Which debt reduction method has worked for you? http://debt-reductionhelp.com/which-debt-reduction-method-has-worked-for-you.html Debt Reduction Help Information Guide Mon, 21 Feb 2011 23:11:03 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Johanne C http://debt-reductionhelp.com/which-debt-reduction-method-has-worked-for-you.html/comment-page-1#comment-80 Johanne C Sat, 08 Aug 2009 08:23:24 +0000 http://debt-reductionhelp.com/which-debt-reduction-method-has-worked-for-you.html#comment-80 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. 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.

]]> By: Hillary http://debt-reductionhelp.com/which-debt-reduction-method-has-worked-for-you.html/comment-page-1#comment-79 Hillary Thu, 06 Aug 2009 04:00:29 +0000 http://debt-reductionhelp.com/which-debt-reduction-method-has-worked-for-you.html#comment-79 I would visit a website like They have a review of several debt consolidation companies. I would visit a website like They have a review of several debt consolidation companies.

]]> By: JustThrive.com http://debt-reductionhelp.com/which-debt-reduction-method-has-worked-for-you.html/comment-page-1#comment-78 JustThrive.com Tue, 04 Aug 2009 08:24:28 +0000 http://debt-reductionhelp.com/which-debt-reduction-method-has-worked-for-you.html#comment-78 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. 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.

]]> By: bobby769 http://debt-reductionhelp.com/which-debt-reduction-method-has-worked-for-you.html/comment-page-1#comment-77 bobby769 Mon, 03 Aug 2009 06:14:21 +0000 http://debt-reductionhelp.com/which-debt-reduction-method-has-worked-for-you.html#comment-77 I poured my money into the debt that had the highest $$ amoutn going to finance charges. Doing that is effective for 'stopping the bleeding' because it relatively quickly reduces the total amount being paid in finance charges. I poured my money into the debt that had the highest $$ 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.

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