Is eliminating personal debt a high priority for you?

Jump to Last Post 1-6 of 6 discussions (10 posts)
  1. cam8510 profile image94
    cam8510posted 5 years ago

    Is eliminating personal debt a high priority for you?

    What is your strategy for eliminating personal debt?

  2. lburmaster profile image83
    lburmasterposted 5 years ago

    Yes! The heavy weight of students loans is a gigantic pain! Payments every month for more than the required amount. Get rid of it as soon as possible! And pay off the interest first, which is possible depending on the payment plan you have. The sooner it's paid off, the more you save.

    1. cam8510 profile image94
      cam8510posted 5 years agoin reply to this

      Student loans have become quite an issue lately it seems.   They do present a problem these days when graduates have trouble finding work.

  3. profile image0
    CalebSparksposted 5 years ago

    Though I do not have any personal debt, if I did I would definitely consider the elimination of it a top priority. Besides being a severe financial drain, debt is hard on emotional and relationship health. How can someone save for various goals in life if he or she is regularly sending a large chunk of money to the debt collectors? If you are in debt, my advice would be to live as cheaply as possible in all other areas of life until you have paid off the debt.

    1. cam8510 profile image94
      cam8510posted 5 years agoin reply to this

      CalebSparks, congratulations for having no personal debt and thank you for the sound advice.

  4. jjackson786 profile image95
    jjackson786posted 5 years ago

    Most definitely. Eliminating my personal debt is at the top of my priorities list because it going away leads to so many things- the ability to pay for my wedding, to purchase a home, and begin a family.

    My strategy is to assess your debt, and then begin to pay off things that either a) have the highest interest charges, or b) are small debts. I like to do the latter first, because then the money I save from paying off the smaller amounts can be applied to the larger amounts. It's a gradual, lengthy process but it works!

    1. cam8510 profile image94
      cam8510posted 5 years agoin reply to this

      jj, great strategy.  I'm sure it does work.  Good luck to you.

  5. peeples profile image94
    peeplesposted 5 years ago

    Yes! Yes! Yes! In Dave Ramsey's words I am living like no one else so I can live like no one else! Rice, beans, noodles, and home grown veggies are the menu. No steaks in the near future! No eating out. No trips to the mall. Until I am debt free I will not be spending on anything frivolous.

    1. cam8510 profile image94
      cam8510posted 5 years agoin reply to this

      Dave Ramsey is a source of inspiration for a lot of people.  Good luck to you.  This is a worthy goal.

  6. LandmarkWealth profile image79
    LandmarkWealthposted 5 years ago

    Not so much for me, but for many of the clients I advise.  There are times when it does not pay to eliminate debt from a tax perspective.  But this is rarely the case for the average American saver/investor.  The debt burden needs to be looked at not just from the perspective of how it reflects on a balance sheet, but all the impact of behavioral finance.  In my experience, investors make poor decisions during periods of great volatility when they are saddled with high debt levels.  In fact often times, the lack of debt allows one to be even more aggressive in their investment strategy and makes up for the lack of leverage.  But more importantly, it creates more disciplined savers and investors.   

    One simple strategy worth looking at...If you have a typical 30 year fixed mortgage, only one extra payment annually towards the principal will reduce your mortgage length by 7 years, and save you a fortune in interest payments.

 
working

This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

Show Details
Necessary
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
Features
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Marketing
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Statistics
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)