Suzies way is the smart $ way but Dave's way is what we dom, because it is best for us to keep us on track. It does snowball though and we are rolling through it and would be so close to being there if it hadn't been for the Dr. bills we incurred in December (surgery and 2 ER visits with crappy insurance).
As for a balance transfer, we did that with a few and they are great, but there IS a transfer fee, otherwise the CC company isn't making any money. You have to weight the pros and cons and see if it will work for you.
I am trying it Dave's way. I just feel that I am getting somewhere once I have tackled something and gotten rid of that payment. Then you do see progress by being able to put that additional amount onto the next debt.
I have done balance transfers in the past. I am through with doin them. It just gets all too confusing to me, trying to juggle the new cards along with the old. Usually the credit limit wasn't high enough to wipe out the ones I really wanted to with the balance transfers. so, no matter what kind of offer comes in the mail I am trying to stay strong and not respond to those and do a transfer.
Suze makes sense money wise, Dave makes sense emotionally. I personally love love love Dave. If you are a person that needs the motivation to be frugal etc I would do Dave's plan. This way you feel the rewards (a debt PAID IN FULL SOONER). If you aren't that type of person then do Suze's. I would dare to say if you have debt and are just now trying to be frugal/paying it off then I would do Dave's plan in a heart beat. Most of us need the reward/motivation of saying it is "paid in full" - even if it is only a $200 CC - it feels good to have it gone.
You are so right. I have not read Dave's plan, but I know what my plan is. I have placed in order the bills to pay off. I am starting from the smallest to largest. I just think that I need to know that I am making it one step at a time, and by paying small to large it will help me see the big picture and feel like I am making progress.
I did Suze's way. I had never heard of Suze but it was pretty basic math!
But I agree with everyone else--do the one that motivates you. And just do it, don't spend too much time thinking how long it will take. It DOES get paid off, if you stick with it, and you'll be so much better off to have it gone.
I think it depends on how much debt you have and what you can afford to throw at it. Either makes sense but if you owe thousands and you can only afford 50 dollars a month, then going with Dave's method is probably better because not only are you seeing progress, you are getting a debt wiped out faster which means it's better for your credit and one less bill to keep track of at the end of the day.