When you consider taking out a loan or borrowing money by using your credit card, think about personal finance guru M.P. Dunleavey's powerful debt math. She estimates that it takes $16,400 in income to pay off a $10,000 loan at 15 percent interest.
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Personal finance guru Dave Ramsey developed the debt snowball plan as the debt repayment part of his method for getting finances on track. The plan is based on psychology and relies on determination. The debt snowball plan goes as follows.
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Dear Savvy,
My fiance and I combined our finances shortly after we got engaged last August, and I am in charge of managing our money. We're getting married in November. Right now, we pay everything we can with a credit card.
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This episode of Maxed Out is about Sondra and Ashton, a couple who has been living together for about a year and share careers in counseling but have opposite money habits. Sondra is 28 years old and Ashton is 25, and while he is taking trips with the money he's saved she is tinkering on the edge of bankruptcy.
Ashton's saving ways have put him in a good financial place but Sondra's spending tendencies have put her $56,000 in debt.
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