Where They Stand: Ramsey vs Cummuta vs Prince of Thrift

Where They Stand: ISSUE Dave Ramsey John Cummuta Prince of Thrift Cut up your Credit Cards yes yes yes Pay Off All Your Debts As Quickly as Possible yes yes yes Pay Smallest Debt First yes no yes Paying the smallest debt first, motivates you to keep going for the next debt. In the process stay current with all your debts, but pay as much as you can on the smallest first, until it's paid, then apply that to the next debt Pay Off IRS debt First yes ?? This is not as cut and dry as some think. If you make less then $20,000/year, you are easily in a hardship case. Immediately call the IRS and calmly tell them your situation. You can be placed as "unable to collect," they will take all future refunds until the debt is payed in full. They will also charge interest/late fees. The key is to make contact with them. Don't ever ignore it! As soon as you can, start paying on it. You want them out of your life as soon as possible. Build $1,000 Emergency Fund before eliminating Debt. yes no No build savings as quickly as possible, while getting rid of the debts, that are bringing you down. You do want that safety net, so you don't go into debt ever again.

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