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Tag Archives: paying off debt

How Anyone Can Get Out Of Debt

paying off debt once and for all

On Monday, we talked about how people, even smart ones, can get into debt. Getting into debt is easy and sometimes even fun, but there is always a price to pay. I don’t know about you, but I love having choices. Debt robs any choice besides having to make a payment. If you really want to start living the life you were meant to have, it’s time to get out of debt once and for all. The good news is that by following some simple steps, anyone can get out of debt.  Accept Responsibility For Your Debt Now when I say simple, that doesn’t always equate to easy. It’s simple to lose weight by burning more calories than you consume, but how many people struggle with that one? I believe the first step in getting out of debt is to let go of the reasons that landed you here so that you can move forward. It doesn’t matter if your debt came from bad decisions, taking out too many student loans, not getting or keeping the job you wanted, or even from having medical bills. Once the balance is on your credit report, it’s all debt and your responsibility. Debt ...

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Paying Off Debt Is Easy

why it's hard to pay off debt

Paying off debt is easy. In fact, it’s one of the easiest things on the planet, at least conceptually. Just like with losing weight, saving for retirement, or making sure your mortgage doesn’t leave you house poor, paying off debt is a matter of numbers. Anyone with elementary math skills should have the ability to stay debt free. If paying off what we owe is so easy, why on earth are so many people drowning in debt? The Easy Part of Paying Off Debt If you know how much you owe and how much you make, plus all your monthly expenses, all you have to do is plug your numbers plus any applicable interest rate into a debt payoff calculator. That will tell you how long it will take to pay off debt. You can even play around with different payments until you find the term you want. Easy as pie! The Parts of Getting Out of Debt That Aren’t So Easy It’s Hard To Admit You’re Wrong I think Jim and I both wanted to be out of debt long before we made any effort to get there. You see, before we had any hope of being out of ...

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You Can’t Pay Off Debt With Excuses

excuses people use to not pay off debt

If you have a blog, does it seem that all big things seem to happen when you’re out of town? I feel like that happens to me anyway. While I was in Kentucky last week visiting family, an interview I did with Business Insider got picked up by Yahoo Finance and traffic was off the charts.  The interview was about paying off our credit card debt, and I knew there was potential for some blow back, but you really can’t turn down that sort of exposure if you are trying to grow an online business, so I accepted the invitation without hesitation. After the interview, I wondered if this might be my first real opportunity to meet some of the trolls that many of my online friends have already encountered, and boy was I ever introduced last week. You can read the comments here if you’d like, but the majority were not kind. Why on earth would anyone hate me for paying off debt? Hating me gives people a great reason not to pay off their own debts. You can’t ever pay off debt with excuses. I Take Full Responsibility For My Debts Many of the comments were along the ...

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Financial Literacy Awareness Carnival-My Financial Aha Moment

financial literacy aha moment

I’m very happy to be participating with an excellent lineup of bloggers for this year’s Financial Literacy Awareness Carnival by sharing my Financial Aha Moment. You can head over to The Heavy Purse to see all the posts today. I bet you’ll learn lots! The American Dream If you have been reading for a while, you know that my family used to have some serious debt. At the beginning of 2011, we owed over $30,000 to credit card companies and had over $70,000 in student loans. We also were a family who traded our cars for new ones every three or four years and bought things whenever we felt the urge. We had good income, made our payments on time (even if they were often only the minimums), and almost always got approved for new credit whenever we wanted something. We were living the American dream, right? Well, if the dream includes constant worry about having no money at the end of the month and having to work all the time to make sure you can hit every payment, then I guess we were there. It actually sounds more like a nightmare that I’m afraid way too many people lose ...

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The Six Biggest Lessons I Learned While Paying Off My Debt

Paying off debt lessons

This is a post from Richard at Frugality Magazine. Enjoy! Just before Christmas last year I reached the point of having paid off all my consumer debt – a situation that seemed insurmountable just a few short years before. When I finally accepted by debt problem – something that took far longer than it should have done – and decided I needed to shift the weight of growing interest and spending every available penny on repayments I examined every available option. What about debt consolidation? Or an IVA? Or even bankruptcy? I just couldn’t see a way that I was going to pay off the mountain of money that I owed while keeping up with even my most basic of living expenses. But you know what? After some serious consideration I opted to avoid all these potential “short cuts”. I just decided to knuckle down, become more frugal, cut my living expenses and pile the extra cash into my debt. In other words I did it the plain old boring way. The *reason* was simple – my debt was painful but I wanted to fully meet all the agreements I’d made with my creditors (a moral argument) and I also ...

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