Comments on: 60-Second Guide to Getting Out of Debt http://www.mint.com/blog/the-motley-fool/60-second-guide-to-debt-management/ The blog of the free, simple personal finance solution. Track all your spending automatically, find the best deals, save more money. And save the world. Thu, 18 Mar 2010 22:21:10 -0700 http://wordpress.org/?v=2.8.6 hourly 1 By: Maxharper http://www.mint.com/blog/the-motley-fool/60-second-guide-to-debt-management/comment-page-1/#comment-41967 Maxharper Wed, 11 Nov 2009 12:14:47 +0000 http://blog.mint.com/blog/the-motley-fool/60-second-guide-to-getting-out-of-debt/#comment-41967 Getting out of Debt is not as harder as we think. If you plan in a proper way you can pay off your debt in a simple manner. Just you need to follow the simple thing that has been already mentioned in this article. I need to point one thing that has been mentioned about Ok debt. I think a debt is a debt whatever it may be and we need to organize it in a proper way to get out of it. Getting out of Debt is not as harder as we think. If you plan in a proper way you can pay off your debt in a simple manner. Just you need to follow the simple thing that has been already mentioned in this article. I need to point one thing that has been mentioned about Ok debt. I think a debt is a debt whatever it may be and we need to organize it in a proper way to get out of it. ]]> By: Yanko http://www.mint.com/blog/the-motley-fool/60-second-guide-to-debt-management/comment-page-1/#comment-24732 Yanko Sat, 28 Jun 2008 16:41:55 +0000 http://blog.mint.com/blog/the-motley-fool/60-second-guide-to-getting-out-of-debt/#comment-24732 I Agree with Jen, there is no OK Debt, and that goes all the way to the first rule: 0:60 Resolve to spend less than you make -- Accepting the fact that YOU CAN'T AFFORD IT I Agree with Jen, there is no OK Debt, and that goes all the way to the first rule:

0:60 Resolve to spend less than you make — Accepting the fact that YOU CAN’T AFFORD IT

]]> By: Jen http://www.mint.com/blog/the-motley-fool/60-second-guide-to-debt-management/comment-page-1/#comment-24595 Jen Sun, 22 Jun 2008 23:54:50 +0000 http://blog.mint.com/blog/the-motley-fool/60-second-guide-to-getting-out-of-debt/#comment-24595 There is no such thing as OK debt. If you can't pay cash, you can't afford it. This is great advice for people who want to be coddled and want someone to tell them that debt is OK. There is no such thing as OK debt. If you can’t pay cash, you can’t afford it. This is great advice for people who want to be coddled and want someone to tell them that debt is OK. ]]> By: Stephen Wolfe http://www.mint.com/blog/the-motley-fool/60-second-guide-to-debt-management/comment-page-1/#comment-24020 Stephen Wolfe Tue, 27 May 2008 21:48:19 +0000 http://blog.mint.com/blog/the-motley-fool/60-second-guide-to-getting-out-of-debt/#comment-24020 I am so glad you put # 0:34!! It frustrates me so much to hear some focus on the lowest balance. While I know this can be more motivating, doing it this way will save you more money which is ultimately what we want to do! I am so glad you put # 0:34!! It frustrates me so much to hear some focus on the lowest balance. While I know this can be more motivating, doing it this way will save you more money which is ultimately what we want to do! ]]> By: Michael http://www.mint.com/blog/the-motley-fool/60-second-guide-to-debt-management/comment-page-1/#comment-23959 Michael Thu, 22 May 2008 17:31:05 +0000 http://blog.mint.com/blog/the-motley-fool/60-second-guide-to-getting-out-of-debt/#comment-23959 Rather than attacking the highest interest credit card first, you should try to figure out the DOLP rating (dead-on-last-payment). Take the remaining balances on your accounts and divide them by their respective minimum payments; this will give you a DOLP number for that account. Whatever has the lowest DOLP number should be your first concern. Place all of your extra money toward paying that one off, and just pay the minimum balances on the other accounts. Once that first account is paid off (never use it again) you can begin placing that extra money toward the new lowest DOLP rating. Example: You have three credit cards, a VISA, MasterCard, and Discover Card. The VISA has $600 on it and has a minimum payment of $60. The MasterCard has $775 on it and requires a $65 minimum payment. The Discover Card has $1,150 on it, but only requires a $35 minimum payment. Using the DOLP method, you would assign the following DOLP values to the accounts: VISA: (600/60) = 10 MasterCard: (775/65) = 12 Discover Card: (1150/35) = 33 You should now work on paying off the VISA first, then the MasterCard, then the Discover Card. Plus, by the time you get to paying off the Discover Card, you will be able to put at least an extra $125 toward it!! (DOLP is a concept used by David Bach in his many financial help books; I did not come up with the idea. If you are interested in learning more about building wealth and eliminating debt from your life, I highly recommend "The Automatic Millionaire" and "Start Late, Finish Rich".) Rather than attacking the highest interest credit card first, you should try to figure out the DOLP rating (dead-on-last-payment). Take the remaining balances on your accounts and divide them by their respective minimum payments; this will give you a DOLP number for that account. Whatever has the lowest DOLP number should be your first concern. Place all of your extra money toward paying that one off, and just pay the minimum balances on the other accounts. Once that first account is paid off (never use it again) you can begin placing that extra money toward the new lowest DOLP rating.

Example:
You have three credit cards, a VISA, MasterCard, and Discover Card. The VISA has $600 on it and has a minimum payment of $60. The MasterCard has $775 on it and requires a $65 minimum payment. The Discover Card has $1,150 on it, but only requires a $35 minimum payment.
Using the DOLP method, you would assign the following DOLP values to the accounts:
VISA: (600/60) = 10
MasterCard: (775/65) = 12
Discover Card: (1150/35) = 33

You should now work on paying off the VISA first, then the MasterCard, then the Discover Card. Plus, by the time you get to paying off the Discover Card, you will be able to put at least an extra $125 toward it!!

(DOLP is a concept used by David Bach in his many financial help books; I did not come up with the idea. If you are interested in learning more about building wealth and eliminating debt from your life, I highly recommend “The Automatic Millionaire” and “Start Late, Finish Rich”.)

]]> By: Lisa http://www.mint.com/blog/the-motley-fool/60-second-guide-to-debt-management/comment-page-1/#comment-23816 Lisa Sun, 18 May 2008 04:56:39 +0000 http://blog.mint.com/blog/the-motley-fool/60-second-guide-to-getting-out-of-debt/#comment-23816 This advice is simple and direct. We have to reminded to live within our means that it is achievable to get ourselves out of debt. It takes discipline! This advice is simple and direct. We have to reminded to live within our means that it is achievable to get ourselves out of debt. It takes discipline! ]]>