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10 Step Program For Getting Out of Debt

The following is a guest post. If you would like to submit a guest post please read the guidelines and contact me. I have been in debt since I was 18 in some way, shape or form. I have always wanted to get out of it, but always had a hard time figuring out how to start. Finally, 16th months ago, I started. I am almost done, and my method worked! Here is my 10 step program to getting out of debt. I wish I could say I made this up, but I didn’t. There are a ton of experts who I read and listened to, and they shaped what I am writing here. If you are like me and you feel like you just don’t know how to begin, this program is designed to give you a guide of sorts. Of course you should tailor it to fit your needs. This is not so much for people who have a couple of cards and are lazy about paying them off. It’s for those of you who have trouble finding any extra money to pay off debts, who seem to find themselves getting deeper and deeper into debt, and don’t ...

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Debt Movement: Get Rid of Debt Payments Once and For All

Unfortunately debt has become the accepted standard in today’s society. If you don’t have half a dozen revolving credit accounts, a jumbo mortgage, and a couple of new cars, you aren’t living. Debt is so accepted that I’ve known people, self included, who graduated from school and couldn’t wait to start applying for credit so we could fill our lives with the things that everyone tells us we need. Thirteen years later, I have a different view. After years of interest payments, balance transfers, chasing 0% offers, and trying to track when payments were due, I’m done with debt payments. Debt has become a four letter word in our house. Is There A Such Thing as Good Debt? You’ve likely heard the argument that a “good” debt is one that allows you to potentially better yourself in some way. Student loans are good because they allow you to earn more money with a college degree. Mortgage debt is good because you are able to have equity in the place where you live.

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How We Paid Off $30,000 in Credit Card Debt

credit card debt payoff

November was a truly happy month in our household. After a year and a half  of hard work, we paid off the last of our credit card debt. We learned some new things about ourselves and our needs and wants along the way. It isn’t rocket science, but here’s how we did it. Background The reason we ended up with this debt was pure and simple lifestyle inflation. We were doing pretty well until we built our house in 2004. It took most of our savings, and by itself, was not a toxic debt. The mortgage is affordable. We have good equity. You have to live somewhere. What got us was the need for stuff to fill it up. We left a couple of rooms unfinished, but filled the others up with new furniture, curtains, rugs, a new washer. I could go on and on. We also bought tons of lawn equipment, new bikes, and skis, whatever we wanted. Before our daughter was born, we decided to finish the spaces we had left, so that was a big bill on the Home Depot card. All the while, we were trading in cars every three or four years, which insured a ...

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Things I Could Have Bought with $30,000 Lost to Credit Card Debt

  As we’re coming into the homestretch of paying off our credit cards forever, it’s kind of horrific funny if you think about the things we could have done with that money instead. Just like building savings, wealth, or a retirement fund, our debt was years in the making. I’d say it was sort of an art form, albeit a very alternative style that doesn’t receive much critical praise. I honestly can’t name one tangible item we have ownership of because of that debt. I know there were a couple of fun trips and probably some nice sporting equipment. There were also lots of restaurant meals that have long been digested and disposed of. The biggest thing we have to show for our $30,000 in credit card debt is a new understanding of how wonderful being consumer debt free will feel in a few months.  I know it is not healthy to wonder what could have been, but if you are going to put that purchase you can’t afford right now on a credit card, think about these things we could have had without our debt. A Year Abroad-I have a friend who, with her husband and son, took a year sabbatical to ...

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Can Money Management Help In Any Way With Debt Consolidation?

The following is a guest post. If you would like to submit a guest post, please read the policy and contact me. Money management – how does it count with regards to your consolidation program? Debt management helps you with better management and better usage of the credit cards, and any other forms of credit. Thus, this is also supposed to help you with paying down your debts with ease. Now, in addition to managing your money wisely, you can also opt for debt consolidation, for this is going to help you with paying down your debts even more easily. Money management and debt consolidation Managing your money wisely In order to be able to manage your money more wisely, it is important for you to: Determine the total income– It is important for you to determine the total income which you can make. This may help you with better money management. Follow a budget– A very important step towards money management is following a budget. Budgeting helps you to keep proper tab on your total income and also the expenses. This is also supposed to help you with saving money on the expense. In addition, this is also supposed to ...

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