A Quote by Mark Twain
Worrying is paying interest on a debt you might not even owe.
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Worrying is like paying a debt you don't owe.
Worrying is the interest paid on a debt you may not owe.
Goals work. Pick one debt, and then put every dime into paying down that one debt. Once that debt is paid off, start paying down the next debt. Pretty soon it's time to move from paying debt to building savings.
I've found that when you can quickly knock out debt you get motivated because you see progress. Then you attack the other debt so fast that even if it's at a higher interest rate, you don't end up paying much more because you've gotten rid of it.
Worrying is like paying on a debt that may never come due.
I use a "Debt Dash" approach to paying off debt. I recommend people focus on paying off the debt with the lowest balance first. So if the primary has less debt you would focus on that.
People tend to think that paying a debt is like going out and buying a car, buying more food or buying more clothes. But it really isn't. When you pay a debt to the bank, the banks use this money to lend out to somebody else or to yourself. The interest charges to carry this debt go up and up as debt grows.
Do not confuse "duty" with what other people expect of you; they are utterly different. Duty is a debt you owe to yourself to fulfill obligations you have assumed voluntarily. Paying that debt can entail anything from years of patient work to instant willingness to die. Difficult it may be, but the reward is self-respect.
You'll get the biggest bang for each buck by paying off the highest interest rate debt in your portfolio first, while making minimum payments on the remainder. It's called the avalanche method, and it gets you out of debt cheapest and fastest.
As you have to pay more interest and amortization on what you owe, you're left with less and less money to buy goods and services - unless you borrow even more and go further into debt.
Too many of us never understand what we owe to our dear ones until there remains no further opportunity of paying love's debt.
Imagine you owe on five credit cards, you owe five debts. So which debt should you pay first? And the answer is very simple: You should pay the one with the highest interest rate first. But that's not what people do.
An example of good debt is the debt on the apartment houses I own. That debt is good only as long as there are tenants to pay my mortgages. If tenants stop paying their rent, my good debt turns into bad debt.
Above all, recognize that if you have had success, you have also had luck — and with luck comes obligation. You owe a debt, and not just to your Gods. You owe a debt to the unlucky.
If you are, consolidating at a lower interest rate can help you pay off your debt faster. But if there's even a small chance that you'll spiral back into debt, it's not for you.
We owe the government taxes. We owe our creditors interest. What do these powers owe us?
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