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Debt Destroy

Pay It Down...

 I will be debt free - Posted: 3/17/2009
There are so many books geared on getting us out of debt these days, and so many with different opinions.  Some writers agree on how to get out of debt while others disagree.  We can't please everyone so we have to do what works for us, and what works for us might not work for someone else.

Dave Ramsey wrote Money Makeover and he suggests that you tackle your smaller debt first.  Once you see that you have one debt paid off you can work towards the next one.  He also believes that you shouldn't worry about the interest rate, but should concentrate more on the "debt snowball." 

Yesterday, I came across this book  Pay It Down From Debt to Wealth on $10.00 a Day  by Jean Chatzky.  Jean's views of course are different from Mr. Ramsey's.  I did not have enough time to read the entire book, but it does look like an interesting read.  Chatzky believes that any money that you are saving should be thrown at debt, as does Mr. Ramsey.  The biggest difference is that Chatzky believes the highest interest rate debts should be paid off first, because they are creating the most debt.  I think I agree with this philosophy as well.  Chatzky also believes you will save $10.00 a day by not purchasing that cup of coffee, buying those happy meals for your kids at McD's,  or going to the movies every week.

Another theory that Chatzky points out in the book is being able to assess why you got into debt in the first place, and it could be any number of things:  losing a job, going to the hospital, going through a divorce.  Once you know the reason why you are in debt, you can work on fixing it. 

Chatzky discusses other factors in the book as well, knowing and managing your credit score, tracking your spending as well as learning how to make the harder choices:  selling assets (if you have them) and earning more money.  If you have the time, I would definitely suggest checking out this book.  It looks like it might be a valuable tool in controlling your debt.


rofizarkasih - As well as you, I also agree with Chatzky point of views. I will try to find this book on ebook store.
beautyqueen26 - Back in the 1990's I read two really great books.  One was called the Tightwad Gazette and I forget the name of the other one.  But they both changed my life and the way I look at money. Unfortunately, neither one stopped me from going into debt after relocating to a new state and having a baby. Life sometimes gets in the way of smart money moves.
raighnesun - i need to read more about manage my finance.
Kenny Golde (Guest) - I'd like to recommend "The Do-It-Yourself Bailout." Just to be upfront, I'll admit that I wrote it myself. It's the story of how I successfully reduced my credit card debt from $212,000 to $30,000 in about six months through negotiating settlements directly with my creditors without using any third party service.  If you think debt settlement is a route you'd like to go, "The Do-It-Yourself Bailout" could be just the guide you need to see how the process works before starting.  CBS News even did a story on me:
buggles - I have found both of these books very informative though I do not think they are available online.  You might be able to find them on or another book store.   You might even be able to take a "sneak peak" inside if you can find the books on amazon.