GREAT article with a real plan...

[Carrielee]

http://www.richdad.com/pages/article_debtmgmt.asp

This is great...a doable plan that even I can understand!

Carrie

[mamaduck]

Thanks Carrie. Dh and I both read the article and we're going to give this a shot starting in September. We have some short term things to wrap up this summer that should not be included in this plan. But by Sept. we should have things on a consistant schedule again, and hopefully we can come up with an extra $200 a month to kick this off. If it works, and we can stick to it -- I think we can be out of debt in 2-3 years.

[Piglet68]

This is really great. I love that it's so simple.

Unfortunately, we're falling into the pathetic category of "can't find an extra $150 per month", lol. BUT....we're also looking at paying off most of our debts (basically everything but my student loan) this fall. So we aren't going to do this plan right now, BUT still I am going to keep it in mind b/c I think it could apply to things in the future, like mortgages, and my student loan, etc.

Thanks so much for posting this!

[Apricot]

I'd like to add my favorite financial website to the thread:
Ric Edelman's site.

http://www.ricedelman.com/planning/debt/step1.asp

I like the the linked plan, but I couldn't stand that man's book. Thanks for posting as I was doing budgetting this week!

[thistle]

The kiyosaki plan is nothing new, though that is a good explanation of the process. Mary Hunt and Dave ramsey both discuss the same thing.

Unfortunately I currently cannot even pay close to the minimum on my student loans. I never should have gone to law school.

thistle

[Breathless Wonder]

Unfortunately I currently cannot even pay close to the minimum on my student loans.
We're in the same boat thistle.

[Gendenwitha]

http://www.richdad.com/pages/article_debtmgmt.asp

This is great...a doable plan that even I can understand!

Carrie

It gets points for feeling of satisfaction, but IMHO you're better off paying down the highest interest rates first.