Just to clear a few things up.

A number of comments asked where did the extra money come from,to be able to do debt stacking.

When I sit down with clients in their homes and go over their budget, they usually say they are paying extra on each card, because they know, they need and want to pay their ballances down.

My question to them is do you always add the extra payment or just every once in a while?

The numbers I used in the previous post are the most common numbers that my client would give me, who paid extra each month, they were the clients that were trying to get the credit balance down but nothing was happening. They were frustrated. 

That is why debit stacking is so powerful it is not costing you any more, than you are already putting out but it pays the balances off faster and gets you out of debt.

The client who we saved all the interest and had her out of debt quickly, she after 6 months of following the program decided to buy her son a Harley and ended up filling BK. She could not say no to charging and did not have the discipline to stay with the program.

As some have commented it is a discipline and a behavior and I can teach all the best ways of getting out of debt but if you continue to charge, or cut down how much you are paying you lose.

I have a friend who would love to do debt stacking, his wife grew up with parents who always live off the credit cards and she is not willing to change, he is always worried about making minimum payments on lots of cards. Guess what they are teaching their children.

One of the reasons I started Children’s Wealth, is because of all the people who I have helped but did not have the learned disciplines and behaviors needed to deal with money. I believe that we (I) owe our children a fighting chance with learning how money works. If we teach those disciplines and behaviors now along with their parents we are on the right track.

Whenever I  do a class I always invite the parents to join, they are given the same work book as the kids so when they go home they do not have to ask the kids what was that we were taught.

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18 Responses to “Debt Stacking ?s”

  1. Great idea on bringing in the parents into the classroom. I think the kids will keep them more honest than their accountant.

    Tim Van Milligan, helping you Make Money Online, God’s Way!

  2. Hi Dale,

    Yes, the initial imprint for money, value, and self-valuing we first receive from our parents. Then it becomes our responsibility reframe things for our health in life, love, money, and romance.

    Happy Dating and Relationships,

    April Braswell
    Cyberdating Expert and Online Dating Coach

  3. Sonya Lenzo says:

    Great idea to bring the parents in to the class room. That will reinforce what the children are learning. The children are then twice as likely to learn and perhaps the parents will want to set a good example…it will give them another reason to do what they know they OUGHT to be doing.
    Sonya Lenzo

  4. Peggy Larson says:

    Having the parents there is a great plan. The kids will keep ’em honest!

    Peggy Larson
    Quilting – Colors and Fun!

  5. Mike Norris says:

    I think it is great to get children to start thinking about money in a responsible way. Most parents teach only bad habits to children about money.


  6. Rob Northrup says:

    I would like to add one trick that worked for me. If you list out all your monthly obligations, there are often things that you can forego or cut back on. For example, if you look hard at your cable and phone bills there are often places to knock off $30 or $50 a month. One less dinner out a week is another $200 or more a month. Each person has there own areas that cah be cut back. Apply this “found money” to the debt snowball…

    Seize the Day,

    Simple Family Survival Tips For Disasters and Emergencies

  7. Mark says:

    I appreciate how you provide kids another perspective on money than their parents may have… it creates the ability to choose the better of two options rather than only knowing ‘use credit cards’.

    Direct Selling Advice, Leveraging Relationships for Long-term Profit

  8. Including the parents is a great idea. The kids can guilt their parents into better money management (I have seen that happen a lot with recycling type projects), and they can make it a family affair. I am reading a book about a family who lived on a tight budget, and they made sure it was an entire family affair, not just the parents.

    Fun and Free Activities

  9. Thank you for following up with the debt stacking questions especially where the extra money amount derived from.

    You also make a keen point about needing to change the behavior that got you into debt
    if it was a spending issue & not a huge emergency/medical type thing that forced the debt.

    The Success Secrets

  10. By including the parents they’re getting a fighting chance at learning what they were never taught. The possibilities for success are fantasstic.


  11. Sounds like you need to have classes for entire families to work on their finances! Very interesting post.

  12. Debt stacking, which I have heard called the debt snowball, is a powerful debt reduction technique everyone should use to lower their debt levels.

    Steve Chambers
    Body Language Expert

  13. Thanks for answering the questions and pointing out that it is a discipline problem of sorts…. I think the advertising world, children, “The Joneses”, our desires for instant gratification and status can put a lot of pressure on us as individuals, parents…. While education will help teach us about how money works and how to handle this 2-edged sword: money, I wonder how people can be helped to delay gratification, to realize that financial health can be more essential than things or status, the value of saving in itself and for the rainy day, of living within one’s means….?

    Mixing Romance, Feet & ESL lessons
    Enjoy Being Online here!

  14. Dale,

    Thank you so much for explaining debt stacking and how to make extra payments to get out of debt. Saving money on interest is REALLY saving money!

    Sabrina Peterson, NASM CPT,CES
    Corrective Exercise for Every Body

  15. alam ghafoor says:

    Some parents will appreciate the education others will just say I managed before without debt management…more fool them.
    Children will learn by following the parents….. you are showing them the better way to handle money…some will follow…some wont.


  16. THat’s great that you give the parents the same book as the kids. I’m sure they both benefit immensely. You should start a nationwide program with this and bring it to every school in the country. I’m so serious. This is such important information.

    Lisa McLellan
    Babysitting Services, Nanny Services, and Nanny agencies

  17. Shane says:

    It’s so much easier when you don’t have debt to stay out of debt. I hate debt!

    Hypnosis – Change Your Thoughts and Change Your Life –

  18. michael says:

    The only way i got out of it was to cancel all credit cards and nver get another one and start paying them off.

    i give my debit card to someone else who then gives me an allowance.

    I get frustrated when I see the silly purchases I make – mostly impulisve – then i get mad at myself and think about what else I could have done with the money.

    People usually cannot do it by themselves – sadly.