Before we get to today’s topics, I first want to thank you. While I just started this podcast two months ago, it’s already climbed the charts and now ranks 12th in the investing podcast category:
Thank you! It’s truly an honor to be such great company.
Table of Contents:
- What is a debt snowball
- How long does it take to pay off a credit card making just the minimum payment
- How much time and money can you save using the debt snowball with credit card debt
- How does paying extra each month help you get out of debt faster and for less
- Which debt should you pay toward first
- What is the debt avalanche
- Credit Card Repayment Calculator (Federal Reserve)
- Money Magazine List of Top Rewards Credit Cards
- How a Debt Snowball Can Reduce and Then Eliminate Your Debt
- Debt Snowball vs. Avalanche Calculator
(Steve): The podcast with MMM was just awesome. I left a comment on your website, but that just lit a fire under my ***. It’s the only podcast I have ever listened to two times in a row.
Suggestion on credit cards – I also charge everything I possibly can on cards, and pay them off 100% of course. A few additions to consider (the Money magazine had a nice discussion on this too):
Things like the Target Red Card is an automatic 5% or Amazon 3% if you happen to shop there.
Only up to DR15, so might be something in DR16, but I love grocery/department store loyalty cards. I shop a lot at Target, so I use their Cartwheel app to add additional discounts to items I am going to purchase anyway, and I just hand them my phone and they scan the bar code it generates. And I shop a fair bit at Vons (grocery store) and I have signed up for their loyalty card which gives discounts. I can go one step further and use their Just For U app and select additional discounts on scores of additional items which are automatically added to my loyalty card – so no coupons to deal with. I can easily save 20% using these two methods on items I was already going to purchase – and I am sure I could save more if I considered replacing items/brands with substitute options on sale.
OK – kids almost home. Thanks for everything you are doing! I think the interview with MMM was fantastic and your podcasts are extremely well put together and excellent listening.
We’ll look at an article in the WSJ by Mark Hulbert: Beyond Bonds: A Guide to Alternative Income Sources
Day 14: Which way is up?