Comments on: What Are Your Total Monthly Minimum Payments? http://www.debtreductionformula.com/blog/total-monthly-minimum-payments/ Reduce Expenses + Increase Income + Discipline = Get Out of Debt Fri, 14 Oct 2011 01:06:08 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: George http://www.debtreductionformula.com/blog/total-monthly-minimum-payments/comment-page-1/#comment-50905 George Sat, 28 Mar 2009 02:33:28 +0000 http://www.debtreductionformula.com/blog/?p=570#comment-50905 Good information in this article- I think it is very important to know how much interest you are paying monthly. Not necessarily the interest rate but the actual total in dollars you are giving away every month. Concentrating on decreasing the amount of interest you pay will help you get out of debt faster as you will hitting principal instead of insterest. Good Luck Good information in this article- I think it is very important to know how much interest you are paying monthly. Not necessarily the interest rate but the actual total in dollars you are giving away every month. Concentrating on decreasing the amount of interest you pay will help you get out of debt faster as you will hitting principal instead of insterest. Good Luck

]]> By: Ryan Healy http://www.debtreductionformula.com/blog/total-monthly-minimum-payments/comment-page-1/#comment-50895 Ryan Healy Fri, 27 Mar 2009 15:19:42 +0000 http://www.debtreductionformula.com/blog/?p=570#comment-50895 Lulugal - That's not too bad. Less than half what my minimum payments are. :-0 Lulugal – That’s not too bad. Less than half what my minimum payments are. :-0

]]> By: lulugal11 http://www.debtreductionformula.com/blog/total-monthly-minimum-payments/comment-page-1/#comment-50892 lulugal11 Fri, 27 Mar 2009 14:14:58 +0000 http://www.debtreductionformula.com/blog/?p=570#comment-50892 Well if we are only looking at the minimum payments on credit cards and car then my payments are right at $453.77 a month. Well if we are only looking at the minimum payments on credit cards and car then my payments are right at $453.77 a month.

]]> By: Ryan Healy http://www.debtreductionformula.com/blog/total-monthly-minimum-payments/comment-page-1/#comment-50881 Ryan Healy Fri, 27 Mar 2009 03:20:09 +0000 http://www.debtreductionformula.com/blog/?p=570#comment-50881 Wilson - Thank you for the compliment! Well, I'm not a financial advisor, so please take my advice with a grain of salt. Right now, I think you're doing the right thing. If I were in your situation, I'd probably see what my monthly living expenses were and make sure I had 4-6 mos of living expenses saved up in case of a job loss. That would be my baseline. Any savings over and above that amount would then be used to aggressively pay off debt. I'm self-employed, so my situation is a little different. In general, I like to have about 3 mos living expenses on hand just for peace of mind. When I have an income surge, I can then use the extra to pay down debt. Under normal circumstances, I pay off my debt at a rate of about $1000 to $1500 a month. With a cash surge, I might pay off $2000 to $5000 at once. Hope this helps! Ryan Wilson – Thank you for the compliment!

Well, I’m not a financial advisor, so please take my advice with a grain of salt.

Right now, I think you’re doing the right thing. If I were in your situation, I’d probably see what my monthly living expenses were and make sure I had 4-6 mos of living expenses saved up in case of a job loss.

That would be my baseline.

Any savings over and above that amount would then be used to aggressively pay off debt.

I’m self-employed, so my situation is a little different. In general, I like to have about 3 mos living expenses on hand just for peace of mind. When I have an income surge, I can then use the extra to pay down debt.

Under normal circumstances, I pay off my debt at a rate of about $1000 to $1500 a month. With a cash surge, I might pay off $2000 to $5000 at once.

Hope this helps!

Ryan

]]> By: wilson http://www.debtreductionformula.com/blog/total-monthly-minimum-payments/comment-page-1/#comment-50879 wilson Fri, 27 Mar 2009 01:46:32 +0000 http://www.debtreductionformula.com/blog/?p=570#comment-50879 Ryan, I have $55K in debt and $35K in savings... should I use savings to pay off debt? The reason I have not done so to date is unpredictable job economy and my desire to have cash if I lost my job... Your thoughts. Thank you for your awesome blog. Ryan,

I have $55K in debt and $35K in savings… should I use savings to pay off debt? The reason I have not done so to date is unpredictable job economy and my desire to have cash if I lost my job… Your thoughts.

Thank you for your awesome blog.

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