Debt Reduction

Ran across this article on Yahoo! Finance by Robert Kiyosaki: Putting Debt to Work for You The article describes his and his wife’s experiences with making a down payment for a house — with credit card debt. This strategy ended up working for them, so the story goes, as they bought properties from which they … Read more

In a previous post I proposed that personal finance and debt management be taught in school, figuring that high school students would do well to know about the high costs of credit card debt in a quantitative way before they went off to college. I don’t remember getting a lot of credit card offers in … Read more

An article on Blueprint for Financial Prosperity entitled Minimum Credit Card Payments Increase, in addition to reminding his readers that minimum payments on credit card balances are doubling from 2% to 4%, reminds everyone of the high cost of paying only the minimum balance. This is years and years of repaying things that are already … Read more

Mary Rowland’s article on MSN.com called “10 Steps to Debt Freedom” has some solid advice and concrete actions for killing the debt dragons that may be smoking up your personal finances. The ones that are especially good: Figure out how much you owe. Where are you now? It’s hard to know where you’re going if … Read more

Chances are good that you’ve heard of the “Snowball Method” of debt reduction. It works like this. Say you have several debts to pay off. You add up the minimum payments on those cards, add in an extra “acceleration” amount to one or more of the cards, and pay down the debts. When one card … Read more