Texas/New Mexico Stateline | My point is I don't like the automatic condemnation of a method that has worked for thousands and thousands of households. It has gotten them out of the bondage of debt they obviously could not handle. Many if not most of those folks would still be in debt if they attacked it in the 'logical' mathematically correct way. I also don't like people called liars when they aren't. Can't get around the fact the guy has helped lots of people, and the system has rewarded him for it.
Kinda reminds me of no-till/con-till
plowboy - 8/10/2011 19:45
They are going to be out of dept sooner if they pay the debt in the logical order.
Maybe, maybe not. You are neglecting the "wind behind the sails" phenomenon. If Joe has an extra $1000 he can either pay towards the high interest card or possibly take out the student loan. If he cuts down the size of the stack of bills it gives him more energy and optimism. And that is what it takes to make money and get rid of debt.
Edit:more energy and optimism likely results in better performance, raises, bonuses, commission, etc. Getting the ball rolling faster. Probably in the end the interest paid difference is negligible.
Edited by milofarmer1 8/10/2011 22:30
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How do you pay back your debt?
