debt free by 03/08
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debt free by 03/08
| 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

Sure thing - www.cheapskatemonthly.com
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