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The Age Old Question: Should You Pay Off Debt or Save?

Penny Pinchin' Mom

The post The Age Old Question: Should You Pay Off Debt or Save? Should you pay off debt or save? So, you want to get started on debt repayment so you can focus on other financial goals? However, if you pay off these debts, there will be nothing left for investments in these tough financial times.

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Meet Jackie. She and Her Husband Paid off $147,000 in Debt | Debt Free Stories

Family Balance Sheet

She and her husband paid off $147,000 in debt–including their home. After paying off the debt, she was able to quit her job to pursue her passion. She blogs at The Debt Myth. About $52,000 of that $147K was consumer debt (credit cards, a student loan, a car loan, a home improvement loan, etc.)

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Remember, Slow and Steady Wins the Race

Prairie Eco-Thrifter

The hare got off to a speedy pace and seemed to be a sure win, but in the end he didn’t, did he? Ask yourself : Do you start saving or paying off debt with a superhuman resolve- determined to avoid all temptation- only to fall off the wagon and give up hope in a matter of a few days?

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Create your debt freedom plan

Family Balance Sheet

We didn’t carry over credit card balances, we paid off our car notes early, and the interest rate on the student loan was at a low 2.75%. But Dave Ramsey’s view of debt is very different. Debt is Dumb and Cash is King.”. “…and At that time, we didn’t consider all debt to be dumb. A guiding light!

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Meet Doug & Laura. They Paid off $23,000 in 16 Months. | Debt Free Stories

Family Balance Sheet

Welcome to Debt Free Stories. Together they paid off $23,000 in 16 months. We put any extra money that would come in toward our debt. What are your top 3 – 5 tips for saving money/pinching pennies to put towards paying off your debt. Make paying off debt a priority.

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Meet Krista & Jon Who Paid Off $36,000 | Debt Free Stories

Family Balance Sheet

Welcome to Debt Free Stories! They paid off $36,000 in debt and cash flowed graduate school. We’re energized by young people and are pretty sure most of our lives will be spent working with this age group. How much debt did you pay off? What kind of debt was it? Where are you from?

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Friday Links – Win an iPad Mini Edition

Prairie Eco-Thrifter

My friend Jackie over at The Debt Myth has created a Pay Off Debt App which I think is very cool. I don’t know the first thing about creating apps. She has lived the journey of being sunken in debt and then freeing herself and now she is trying to help others do the same with her new app.

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