Class #3 - How To Eliminate Temporary Debt

Discussion in 'Independent Living' started by Libertine, Jun 13, 2010.

  1. Libertine

    Libertine Guru of Hedonopia

    Divide your debt into two categories:

    1) Permanent (utilities, taxes, insurance, etc).
    2) Temporary (payments, loans, cards, etc).

    Create a separate fund for permanent and be done with it. You can do things as well to lower your monthly expenses. Conserve energy, for example.

    Take your temporary debts and list them for lowest balance to highest.

    1) Take your lowest balance. Example: $230 credit card bill. Pay it off first. As much as you can afford until it is paid off.

    2) Go to your next lowest and repeat.

    3) Meanwhile, pay ONLY the minimum allowed on the other bills UNTIL you get the first paid off, then second, then third ...etc.

    Repeat that process and find yourself able to breathe a little better.

    My wife and I paid our house off this year. It was a wonderful experience. This works if you seriously apply it.
     
  2. yugogypsy

    yugogypsy Member

    That's how I live Dear Libertine.

    I see it took a student protest to bring you back to class, but unfortunately, at 47 years old tomorrow, I find there's nothing here I need to learn.

    And your method of teaching leaves much to be desired
     
  3. Libertine

    Libertine Guru of Hedonopia

    Desire is relative
     
  4. pshamous

    pshamous Member

    relativity is relative. a good teacher listens to his students. MEH.
     
  5. Libertine

    Libertine Guru of Hedonopia

    The beat in me tells me to tell you that if you don't like my style ... fuck off. :)
     
  6. Duck

    Duck quack. Lifetime Supporter

    I don't have much debt yet, but I like the class anyway; ignore the ancient wizard =)
     
  7. squawkers7

    squawkers7 radical rebel

    In 2010, my rent for the entire year was $615...probably the cheapest place I can find to live. That includes utilities.

    I have no credit cards, no car either which means I don't pay car insurance.
     
  8. Jessie80

    Jessie80 Guest

    Wow. And here I had thought joining a hippie forum would ensure I wouldnt have to sift through ppls insults to each other and bs. I guess ppl are ppl anyehere you go. Disappointing. Yugogypsy, You seem to be quite good at critiscism. But I dont see you offering any solutions or stepping up to the plate. Libertine, I for one appreciate you taking the time out of your day to share your view on how to eradicate temporary debt.
     
  9. BakeDaily

    BakeDaily Member

    Are these class things still going? They seem interesting but it looks like no one really does much with em anymore.
     
  10. jamgrassphan

    jamgrassphan Get up offa that thing Lifetime Supporter

    This is exactly how I got out from under a mountain of debt.
     
  11. Freelancing

    Freelancing Guest

    Paying off debt is an awesome class. Is there a class specifically to student loan debt?
     

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