~Thu~ Sep 28th 2006
Buying a Home, part three: Dealing with Debt
Posted by J.D. Roth under Debt , House and Home , Real-Life[21] comments
This is the third installment in Luneray’s homebuying adventure. In the first part, she looked at houses. Last week she made an offer. In today’s third part, she discusses coming face-to-face with a lifetime of debt. (Bold emphasis added by J.D.)
This house buying experience has been a real eye-opener when it comes to finances, besides the overwhelming shock of sheer indebtedness. I’ve been trying to figure out a way to get everything paid off as soon as possible.
I’ve been reading about the debt snowball method of debt reduction. Conventional fiscal wisdom says that the smartest plan of action is to pay off the debt with the highest interest rate first. From a fiscal standpoint, that’s probably the wisest choice, because you pay the least amount of interest this way. However, humans are flighty creatures, prone to frustration and despair. If you are like me and have multiple individual debts (seven separate student loans!), and if [...]


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