Debt - Getting Rid of It Sooner Rather Than Later

By
Real Estate Agent with GreatWest Realty DRE# 00827565

It’s no secret many folks would like to purchase a home, but find they are burdened with too much debt to easily qualify for a mortgage.  This is especially true of the millennial generation, which may have student loans they are saddled with. 

You may wonder if there is a way to pay off debt sooner rather than later?  The answer is, yes, there is.  There are little strategies many of us already know.  For example selecting credit cards with higher interest rates to pay off first, and that is a good place to start.

One of the best articles I have read outlines methods for prioritizing debt and eliminated it, is provided by Motley Fool.  It can be accessed via: “Paying Off Debt is All About Prioritizing” 

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Rainmaker
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Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Good morning, Myrl Jeffcoat paying off debt and being credit contious are two important factors.... too much of one and not enough of the other are troubling....

Aug 30, 2017 03:38 AM #1
Rainmaker
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Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

Good morning, Myrl -- this is a problem faced by far too many in our country for a variety of reasons.  Not only debt but the level of savings by most people is scary.   Thank you for sharing the link.  

Aug 30, 2017 04:07 AM #2
Rainmaker
414,524
Steven Nickens
Elite Pacific Properties Maui - Wailea, HI
R(S)GRI ABR, Maui Real Estate Hawaii

Paying off debt is the key to success.

Aug 30, 2017 04:18 AM #3
Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Once people understand that getting rid of debt will give them more money in ther pockets, many will work at it faster.

Aug 30, 2017 07:16 AM #4
Rainmaker
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Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Myrl. This is important and helpful. Good one. Cheers.

Aug 30, 2017 07:27 AM #5
Rainmaker
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Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Smart tips my friend, my sister in law isn't very good with this sort of stuff, yet insists on handling the finances, haha.

Aug 30, 2017 09:10 AM #6
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Northern VA

I've built up debt due to some unforeseen life occurrences that I am not working to pay down.  It does require focus, prioritization and a lot of small actions to not spend thoughtlessly.

Aug 30, 2017 11:42 AM #7
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Myrl credit card debt is high, but student debt is even worse these days.  Student debt is crippling our younger generations.

Aug 30, 2017 12:01 PM #8
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Thank you very much for sharing this article. 

Have a great day and an outstanding week.

Aug 31, 2017 05:21 AM #9
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

As one of the seniors I have made it a point not to have any debt except mortgages on rental property and even there we put 40% down.

Aug 31, 2017 06:35 AM #10
Rainmaker
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Pat Champion
Coldwell Banker Camelot Realty - Mount Dora, FL
Call the "CHAMPION" for all your real estate needs

Great advice for any home buyer looking to purchase. Thanks for sharing I hope you have a great afternoon.

Aug 31, 2017 08:21 AM #11
Rainmaker
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Curtis Van Carter
Better Homes & Gardens Wine Country Group - Yountville, CA
Your Napa Valley Broker Extraordinaire

DEBT, the shovel which so many of us use to bury ourselves. Myrl, a very good article find on how to make it out of debt without having to feel you need a backhoe. cheers cvc

Aug 31, 2017 01:21 PM #12
Rainmaker
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Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Hi Myrl, this is a great post and the article link to it is full of good info for those who are struggling with debt.  On the flip side, is the would-be-buyer who always pays cash for everything..and has no credit history to get a loan!   Managing debt responsibly ie: paying off your credit card balances each month is a great way to remain debt-free AND create a positive credit history.

Aug 31, 2017 02:12 PM #13
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Debbie Reynolds
Berkshire Hathaway HomeServices PenFed Realty, Your Clarksville Real Estate Professional - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

That is part of what Dave Ramsey says. It takes dicipline and paying off one thing at a time.

Aug 31, 2017 06:12 PM #14
Rainmaker
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Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Great advice, sadly there are times we do not have the means to do that... and we still have to make a living...Endre

Aug 31, 2017 11:53 PM #15
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Good Friday morning, Myrl. Enjoy the holiday weekend.

Sep 01, 2017 05:35 AM #16
Rainmaker
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Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

Oh I remember our early days of marriage with the credit card bills.  Thank goodness we got our act together and made the decision that we would only charge on the card what we could afford to pay in full each month. Reduces so much stress!

Sep 01, 2017 10:09 AM #17
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Paul S. Henderson, CRS, REALTOR®,
RE/MAX Professionals. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

I feel blessed because finally; We are living debt-free and have money in the bank to boot Myrl Jeffcoat 

Sep 02, 2017 11:17 AM #18
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Myrl- it's hard to do for many but if they can get some good advice like you've offered they can map out a road to recovery.

Sep 02, 2017 12:32 PM #19
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Myrl Jeffcoat

Greater Sacramento Real Estate Agent
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