Comments on: How to Get Out of Debt: Step 1 – Stop the Bleeding http://20somethingfinance.com/how-to-get-out-of-debt-step-1-stop-the-bleeding/ Personal Finance Blog for Young Professionals Wed, 23 May 2012 01:29:00 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Kelsey http://20somethingfinance.com/how-to-get-out-of-debt-step-1-stop-the-bleeding/comment-page-1/#comment-55327 Kelsey Sat, 07 Apr 2012 12:20:13 +0000 http://20somethingfinance.com/?p=110#comment-55327 Hello, I enjoyed reading the part about trying to lower your credit card rate, I think I may just have to give that a try.. I have been contributing a measly 1% of my income to a 401k for a couple years now, and that combined with my employers profit sharing, I've gotten a little nest egg there. I recently took a loan out of the 401k to pay off my credit card. I found this to be extremely useful as it was instant gratification, and the 401k loan is short term, and gets deducted weekly out of my paycheck. I know that this technique is frowned upon, but at the young age of 23, I hardly think my $2500 loan is going to cause me to starve when I retire... I have figured out that I have saved 535 dollars over the 6 months, with my interest paid on the credit card over 6 months being 600, and the fee and interest on the 401k loan being just 65 for the 6 months. Hello,

I enjoyed reading the part about trying to lower your credit card rate, I think I may just have to give that a try..

I have been contributing a measly 1% of my income to a 401k for a couple years now, and that combined with my employers profit sharing, I’ve gotten a little nest egg there. I recently took a loan out of the 401k to pay off my credit card. I found this to be extremely useful as it was instant gratification, and the 401k loan is short term, and gets deducted weekly out of my paycheck.
I know that this technique is frowned upon, but at the young age of 23, I hardly think my $2500 loan is going to cause me to starve when I retire… I have figured out that I have saved 535 dollars over the 6 months, with my interest paid on the credit card over 6 months being 600, and the fee and interest on the 401k loan being just 65 for the 6 months.

]]> By: BigDumbDebt.com http://20somethingfinance.com/how-to-get-out-of-debt-step-1-stop-the-bleeding/comment-page-1/#comment-24626 BigDumbDebt.com Thu, 15 Sep 2011 14:54:28 +0000 http://20somethingfinance.com/?p=110#comment-24626 Hey there, Great budgeting tools! I wish I was as wise as you seem to be when I was in my 20's... I was still having a great old time racking-up debt lol. It feels good to be done with that now! Hey there, Great budgeting tools! I wish I was as wise as you seem to be when I was in my 20′s… I was still having a great old time racking-up debt lol. It feels good to be done with that now!

]]> By: Pete Loans http://20somethingfinance.com/how-to-get-out-of-debt-step-1-stop-the-bleeding/comment-page-1/#comment-5351 Pete Loans Tue, 10 Nov 2009 20:06:18 +0000 http://20somethingfinance.com/?p=110#comment-5351 The very first thing to do to stop collecting debts is to control one's self. People have this tendency to buy things which they don't actually need. and by using credit cards, it can be accessed easily. They don't seem to realize that they are actually "collecting" things which are not that important. and this leads to the collection of debts. This article is very helpful I hope someone would put the psychological aspect of gaining debt. :) The very first thing to do to stop collecting debts is to control one’s self. People have this tendency to buy things which they don’t actually need. and by using credit cards, it can be accessed easily. They don’t seem to realize that they are actually “collecting” things which are not that important. and this leads to the collection of debts.
This article is very helpful I hope someone would put the psychological aspect of gaining debt. :)

]]> By: Write Off Credit Card Debt http://20somethingfinance.com/how-to-get-out-of-debt-step-1-stop-the-bleeding/comment-page-1/#comment-4544 Write Off Credit Card Debt Fri, 11 Sep 2009 17:41:19 +0000 http://20somethingfinance.com/?p=110#comment-4544 I dont like the term 'good debt'. I dont think there is such thing as a 'good debt'. How can any debt be a good thing? I dont like the term ‘good debt’. I dont think there is such thing as a ‘good debt’. How can any debt be a good thing?

]]> By: Trust Deed http://20somethingfinance.com/how-to-get-out-of-debt-step-1-stop-the-bleeding/comment-page-1/#comment-4543 Trust Deed Fri, 11 Sep 2009 17:38:29 +0000 http://20somethingfinance.com/?p=110#comment-4543 Cash flow is vital is this climate. Everyone is struggling at the moment to keep their heads above water. Cash flow is vital is this climate. Everyone is struggling at the moment to keep their heads above water.

]]> By: Thomas http://20somethingfinance.com/how-to-get-out-of-debt-step-1-stop-the-bleeding/comment-page-1/#comment-4461 Thomas Mon, 31 Aug 2009 06:04:57 +0000 http://20somethingfinance.com/?p=110#comment-4461 This is definitely the effected way. If we stop to spend our money on the non-use items. We will have a good cash flow every month. This is definitely the effected way. If we stop to spend our money on the non-use items. We will have a good cash flow every month.

]]> By: negotiating credit card debt http://20somethingfinance.com/how-to-get-out-of-debt-step-1-stop-the-bleeding/comment-page-1/#comment-4072 negotiating credit card debt Fri, 03 Jul 2009 05:56:06 +0000 http://20somethingfinance.com/?p=110#comment-4072 I read the advice to literally freeze your credit cards - put them in a glass of water in the freezer. Then when you want to use, are easily accessible I read the advice to literally freeze your credit cards – put them in a glass of water in the freezer. Then when you want to use, are easily accessible

]]> By: Neil http://20somethingfinance.com/how-to-get-out-of-debt-step-1-stop-the-bleeding/comment-page-1/#comment-3588 Neil Sat, 02 May 2009 23:44:35 +0000 http://20somethingfinance.com/?p=110#comment-3588 Hi Great post. It's so true that until you get your budget worked out it's pointless trying to sort out your debt problems. So many posts on debt miss out this important fact. Neil Hi

Great post. It’s so true that until you get your budget worked out it’s pointless trying to sort out your debt problems. So many posts on debt miss out this important fact.

Neil

]]> By: Debt Blog http://20somethingfinance.com/how-to-get-out-of-debt-step-1-stop-the-bleeding/comment-page-1/#comment-3253 Debt Blog Mon, 23 Mar 2009 21:30:31 +0000 http://20somethingfinance.com/?p=110#comment-3253 There was a time not long ago that most people had no debt other than maybe a mortgage. It is time to get back to those days. There was a time not long ago that most people had no debt other than maybe a mortgage. It is time to get back to those days.

]]> By: Personal Debt Coach http://20somethingfinance.com/how-to-get-out-of-debt-step-1-stop-the-bleeding/comment-page-1/#comment-2908 Personal Debt Coach Mon, 09 Feb 2009 23:58:58 +0000 http://20somethingfinance.com/?p=110#comment-2908 I really hate the phrase good debt and bad debt. ALL debt is bad. Some is certainly less damaging; but why cant we just all agree that cash is better? The phrase "good debt" comes from the Rich Dad Poor Dad book. Anyway, its just one of my things...good post though!! I really hate the phrase good debt and bad debt. ALL debt is bad. Some is certainly less damaging; but why cant we just all agree that cash is better? The phrase “good debt” comes from the Rich Dad Poor Dad book. Anyway, its just one of my things…good post though!!

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