Frugal for Life hosted Carnival of Debt Reduction #34, and this week’s Flashback comes from Get Rich Slowly: Two Approaches to Debt Elimination.

Facing debt reduction isn’t easy, but if several debts are in the mix, which one do you attack first — the small one, or the high-interest one? JD found that even though paying off the highest-interest debt first would have resulted in the most saved interest, it didn’t work, because those debts just kept hanging on, and they defeated him time and again.

Then he tried knocking out the smallest one, and that worked. With one less payment to deal with, knocking out the others was easier, both financially and psychologically.

• Debt Reduction Formula has posted the carnival Thanks go over to Debt Reduction Formula for hosting this week's Carnival of Debt Reduction! Four of the submitted posts caught his fancy: Frugal Dad asks: Is It Easier to Lose Weight or Pay Down Debt? Paid Twice talks about Debt As The American Way DebtFREE-Revolution posted on Too Much......
• Flashback: Work your debt reduction plan Waaaaaay back in Carnival of Debt Reduction #1, No Credit Needed was still in debt. His post for the premiere installment outlined his debt reduction strategies. His strategies were pretty simple: Collect your debt information and list the balances, annual percentage rates (APRs), and minimum payments. Go through your budget......

• Retirement Planning and Social Security Countdown I received my annual Social Security Statement last month. I have written in the past about how I review my Social Security Statement. Each year this task takes on more significance because now I am only three years from being eligible for retirement benefits, if I were to choose to......
• Geezeo Review A number of financial planning and "get out of debt" websites have been springing up over the past year or so, because consumers are showing that they are looking for more online web applications and other tools for managing their finances. What makes Geezeo even more exciting in terms of......