2007-12-20 15:17:44 · 4 answers · asked by Andrei 2 in Business & Finance ➔ Personal Finance
I knowm what Dave Ramsey teach, It is very hard to give free 5%. But I want to be more intense at paying all my debts. I just want to scream I AM DEBT FREEEEEEEEEEEE in 2 years from know.
BS 1: $1000
BS2: CC $3000
Family Loan $34000
HELOC $4700
2007-12-20 15:51:19 · update #1
I knowm what Dave Ramsey teach, It is very hard to give away free 5%. But I want to be more intense at paying all my debts. I just want to scream I AM DEBT FREEEEEEEEEEEE in 2 years from know.
BS 1: $1000
BS2: CC $3000
Family Loan $34000
HELOC $4700
2007-12-20 15:52:08 · update #2
HELOC 47000
2007-12-20 15:52:56 · update #3
GOOGIE
I WILL BE FREE. NEVER BEEN DEBT FREE.
THIS IS HOW WE WERE SUPPOSED TO LIVE OUR LIVES.
WORKING FOR US NOT FOR THE MAN.
2007-12-20 15:54:50 · update #4
Big Bully
If you think it is not much.
How about the other way , not saving much but giving me wins, so I can move on and be FREEEE.
2007-12-20 16:23:31 · update #5
No you should not suspend your 5% tsp contrubution, that 5% really is not that much. I dont know how much dept you have, but you may want to look at taking a loan out on your TSP.
You can pay your dept faster without paying the extra on intrest
http://www.tsp.gov/uniserv/features/chapter11.html
The 5%, may seem like allot to you, but the money is being taking out before your taxes. This lowers the amount of your earnings for that pay period.
Your way... you would not see all of that money your putting into that TSP, you will be taxed at a different rate
My suggestion is take the time and learn what your investing in.
2007-12-20 16:07:37 · answer #1 · answered by Grandpa Shark 7 · 0⤊ 0⤋
Think about the cost of carrying all that debt. Not just the mental strain, but the intrest you pay each month and year for that. On top of that, realize that you are forced to make job choices because you need to make those payments. Free yourself of those payments and you will have more options.
2007-12-20 16:05:17 · answer #2 · answered by thejokker 5 · 0⤊ 0⤋
Dave Ramsey's "baby step" plan says that you should. We have been following his plan and are very close to being debt-free except our house.
I could not stop my 401(k) contribution and give up that match though! I did cut down from 13% to 6% (my company matches 6%).
2007-12-20 15:24:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Are your debts costing you money to carry them? How much per year? How much will you save by paying off your debts? How much will it cost you by not getting the employers 5%?Now you have the figures to make a financial decision.
2007-12-20 15:27:19 · answer #4 · answered by googie 7 · 0⤊ 0⤋