Comments on: Why you need an emergency Fund http://www.debtkid.com/why-you-need-an-emergency-fund Get Out of Debt @ DebtKid.com Sat, 20 Mar 2010 02:39:01 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: akeka http://www.debtkid.com/why-you-need-an-emergency-fund/comment-page-1#comment-19770 akeka Sat, 11 Jul 2009 23:59:16 +0000 http://www.debtkid.com/?p=4075#comment-19770 That's why I'm following Dave Ramsey's advice to have a $1000 baby emergency fund while paying down debt. It's not so much that I become careless with spending, but it is enough for when I needed tires 2 months into the program and didn't have enough in the sinking fund I could get them. That’s why I’m following Dave Ramsey’s advice to have a $1000 baby emergency fund while paying down debt.

It’s not so much that I become careless with spending, but it is enough for when I needed tires 2 months into the program and didn’t have enough in the sinking fund I could get them.

]]> By: audrey http://www.debtkid.com/why-you-need-an-emergency-fund/comment-page-1#comment-19767 audrey Sat, 11 Jul 2009 13:51:56 +0000 http://www.debtkid.com/?p=4075#comment-19767 I think it depends. in my situation im so far in debt at about 20,000. yes paying down the debt would be the thing to do but if its a debt where it wouldnt help you if you got into a tight spot and needed the spare cash then you're that much more stuck in debt. but lets say my car breaks down and i have no emergancy money to help fix it. in my case because i have no er funds, i would then lose my job and have no money to pay down my debts any further. ok so now im 15,000 dollars in debt instead of 20,000, my job is gone cause i cant fix my car and now my debt will slowly increase again due to interest. which would make it where now not only do i not have a job and no way to pay my debt down but my debt will be right back to where it was due to interest and now i have no way to pay it down. where if i had an ER fund i could at least been able to fix my car and continue paying on my debt little at a time. thus the difference between 2,000 in savings VS 20,000 in debt for smaller ppl like myelf. I think it depends. in my situation im so far in debt at about 20,000. yes paying down the debt would be the thing to do but if its a debt where it wouldnt help you if you got into a tight spot and needed the spare cash then you’re that much more stuck in debt. but lets say my car breaks down and i have no emergancy money to help fix it. in my case because i have no er funds, i would then lose my job and have no money to pay down my debts any further. ok so now im 15,000 dollars in debt instead of 20,000, my job is gone cause i cant fix my car and now my debt will slowly increase again due to interest. which would make it where now not only do i not have a job and no way to pay my debt down but my debt will be right back to where it was due to interest and now i have no way to pay it down. where if i had an ER fund i could at least been able to fix my car and continue paying on my debt little at a time. thus the difference between 2,000 in savings VS 20,000 in debt for smaller ppl like myelf.

]]> By: Affacturage http://www.debtkid.com/why-you-need-an-emergency-fund/comment-page-1#comment-19765 Affacturage Sat, 11 Jul 2009 10:03:40 +0000 http://www.debtkid.com/?p=4075#comment-19765 It is suggested that the recession could continue for years - like the Great Depression or "the lost decade" in Japan - because the remedies being used (e.g., near zero interest rates, massive deficit spending, and bail outs for collapsing firms) will perpetuate the underlying problems instead of solving them. Time will tell, but I am inclined to agree that there could be another dip in 2010. It is suggested that the recession could continue for years – like the Great Depression or “the lost decade” in Japan – because the remedies being used (e.g., near zero interest rates, massive deficit spending, and bail outs for collapsing firms) will perpetuate the underlying problems instead of solving them. Time will tell, but I am inclined to agree that there could be another dip in 2010.

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