Comments on: Pay Off Low-Balance Debt First For A Big Mental Boost. http://www.mytwodollars.com/2009/09/02/pay-off-low-balance-debt-first-for-a-big-mental-boost/ A place to discuss money...for the rest of us. Fri, 10 Feb 2012 05:21:23 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Rick Vaughnhttp://www.mytwodollars.com/2009/09/02/pay-off-low-balance-debt-first-for-a-big-mental-boost/#comment-34122 Rick Vaughn Mon, 07 Sep 2009 22:56:10 +0000 http://www.mytwodollars.com/?p=2187#comment-34122 Great post! I'm glad to see that you had a plan and stuck to it. Not many people out there like that. Once you get that first one knocked it you never have to worry about it again. It's like paying off your 1st bookie that you owe money too. Great post!

I’m glad to see that you had a plan and stuck to it. Not many people out there like that. Once you get that first one knocked it you never have to worry about it again. It’s like paying off your 1st bookie that you owe money too.

]]> By: Craighttp://www.mytwodollars.com/2009/09/02/pay-off-low-balance-debt-first-for-a-big-mental-boost/#comment-34088 Craig Thu, 03 Sep 2009 16:05:30 +0000 http://www.mytwodollars.com/?p=2187#comment-34088 Reaching any goal is a motivational boost and by getting rid of small debt can help push towards getting rid of larger debt. Good advice. Reaching any goal is a motivational boost and by getting rid of small debt can help push towards getting rid of larger debt. Good advice.

]]> By: Davidhttp://www.mytwodollars.com/2009/09/02/pay-off-low-balance-debt-first-for-a-big-mental-boost/#comment-34074 David Thu, 03 Sep 2009 01:40:48 +0000 http://www.mytwodollars.com/?p=2187#comment-34074 I agree with and admire this approach. However, I did take a more pragmatic approach, I guess you could say. I did send more to my lower balance debts, however, I probably paid them off a little more slowly than if I concentrated strictly on paying off that balance. I guess I took more of a "put your nose to the grindstone" approach. I tried to not even look at those balances until I made some serious headway. For those in need of the motivation, this is probably a good idea. If not, focus on all of them, and especially the ones with the higher interest rates. I agree with and admire this approach. However, I did take a more pragmatic approach, I guess you could say.

I did send more to my lower balance debts, however, I probably paid them off a little more slowly than if I concentrated strictly on paying off that balance.

I guess I took more of a “put your nose to the grindstone” approach. I tried to not even look at those balances until I made some serious headway.

For those in need of the motivation, this is probably a good idea. If not, focus on all of them, and especially the ones with the higher interest rates.

]]> By: davidhttp://www.mytwodollars.com/2009/09/02/pay-off-low-balance-debt-first-for-a-big-mental-boost/#comment-34067 david Wed, 02 Sep 2009 16:00:44 +0000 http://www.mytwodollars.com/?p=2187#comment-34067 Absolutely - its not all about the money :) Absolutely – its not all about the money :)

]]> By: ctreithttp://www.mytwodollars.com/2009/09/02/pay-off-low-balance-debt-first-for-a-big-mental-boost/#comment-34065 ctreit Wed, 02 Sep 2009 15:36:55 +0000 http://www.mytwodollars.com/?p=2187#comment-34065 You are probably right. It probably cost you more money in financing fees and interest charges, but if this strategy helped you get out of debt, why not use it? Your post shows that personal finance is not just about "finance" but also about "personal". - I would not chose that route, but I have different personal attributes. Therefore, neither your strategy nor mine would be wrong. It is just a matter of applying the right strategy that fits our personality. You are probably right. It probably cost you more money in financing fees and interest charges, but if this strategy helped you get out of debt, why not use it? Your post shows that personal finance is not just about “finance” but also about “personal”. – I would not chose that route, but I have different personal attributes. Therefore, neither your strategy nor mine would be wrong. It is just a matter of applying the right strategy that fits our personality.

]]> By: Mirandahttp://www.mytwodollars.com/2009/09/02/pay-off-low-balance-debt-first-for-a-big-mental-boost/#comment-34064 Miranda Wed, 02 Sep 2009 14:34:08 +0000 http://www.mytwodollars.com/?p=2187#comment-34064 This is the approach I took. I know I probably paid a little more in interest than I needed to, but the fact that I was making visible progress was a real motivator, and a way to keep me from being discouraged. This is the approach I took. I know I probably paid a little more in interest than I needed to, but the fact that I was making visible progress was a real motivator, and a way to keep me from being discouraged.

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