debt free by 03/08

iVillage Member
Registered: 04-21-2004
debt free by 03/08
5
Thu, 10-06-2005 - 8:46am

so, i went to the quicken site and plugged in my debt totals. According to thier calculator we will be debt free by 03/08. this calculator uses the highest interest first plan... not the dave ramsey plan. does anyone know of a calculator that will show me how long it will takes with the dave plan??

kel

iVillage Member
Registered: 05-11-2005
Thu, 10-06-2005 - 9:05am
I have a stupid question.... what is the Dave Ramsey plan?
iVillage Member
Registered: 01-07-2005
Thu, 10-06-2005 - 11:35am
Not sure about the calculators for the Dave Ramsey plan, but the Debt Proof Living website has calculators that are based on lowest balance first, highest balance, interest rate or bi-weekly payments.
Lilypie Baby Ticker
iVillage Member
Registered: 05-11-2005
Thu, 10-06-2005 - 12:14pm
Hey Longday... can you give me the URL for that site? Thanks Sushi
iVillage Member
Registered: 01-07-2005
Fri, 10-07-2005 - 11:28am
Lilypie Baby Ticker
iVillage Member
Registered: 03-27-2003
Fri, 10-07-2005 - 2:01pm

Hey, that's great! Less than three years is good! We still have nearly two years (unless we sell my car, which we're considering still), and we've been working on it for over three. So three years total sounds good to me!

I doubt which plan you use will make more than a few months' difference. The beauty of the Ramsey plan is that at the same time that you are paying debts, you are also building yourself a good financial cushion, establishing good management skills, and developing a financial portfolio for beyond debt-free. A lot of people get caught because once their debt is paid off, they feel like the journey is over, and it's easy without a goal to fall back into bad habits. The Ramsey plan will help avoid that.

So I say, even if it takes a couple more months to pay off, go ahead and use the Ramsey plan. Besides, there's motivational value in watching those small balances disappear--and the game is at least 80% motivation, if you ask me.

Good luck, and blessings,

Heather