How To Get Out of Debt and Become Debt Free Forever
Table of contents for Debt Free Forever
- How To Get Out of Debt and Become Debt Free Forever
- Debt Free Forever - Adding Up The Debt
- Debt Free Forever - The Credit Card Pay Off Plan
This is the first post in a series that will explore how you can become debt free, and stay debt free forever. Future posts will talk about when you should and should not use credit cards for purchases. Why you should care about your credit score, how to save money on every day expenses, will credit repair companies help you or hurt you and much more. Make sure to subscribe to our feed so you don’t miss a single installment of this series.
The United States is in a debt crisis. A 2.57 trillion dollar crisis in 2007 according to the Federal Reserve. The average American household caries $8,565 in credit card debt. What makes this particularly scary is that many consumers are not getting over the heads in debt from frivolous spending. As salaries and wages haven’t kept up with rising costs, consumers are turning to their credit cards to make ends meet.
Many people are aware of the problem and would like to become debt free. But they don’t know how. Schools don’t teach finances, and with the amazing amount of both good and bad information on the internet it is hard to know where to turn. In fact, it is easy to get ripped off and end up even worse than before.
In this series I am going to give you a basic financial education and step by step directions that will help you get debt free, and stay debt free forever. You won’t need to buy anything, you won’t need to hurt your credit rating or declare bankruptcy. Each post will talk in depth about a specific credit or money topic. Then I’ll give you an assignment to work on. Stick with me, and you will become debt free forever!
Now here is your first assignment.
Assignment One: Make a Commitment
Let me be honest. This isn’t going to be easy, and you are going to make plenty of mistakes along the way. So you need to make a commitment. A strong commitment to do what it takes, and to keep doing what it takes, until you reach your goal. So today I’d like you to set the goal of becoming debt free, with the commitment to do the assignments exactly as they are assigned. And if you make a mistake and fall off the wagon, make a commitment to get right back up, brush yourself off, and get back with the program. Making a public commitment makes you more accountable, so feel free to post here if you will work with me to become debt free forever!
August 05 2008 06:01 am | Debt and News
August 10th, 2008 at 12:36 am
Dept free forever. That would make an excellent title for a song. It really is possible but a great deal of commitment is needed to achieve something like this.
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September 26th, 2008 at 7:17 am
It’s a wonderful first step to have an action plan and also a great way to document your financial journey. I enjoy reviewing my budget from years past as well. Good luck.
Scott @ The Passive Dad’s last blog post..Washington Mutual (Wamu) Fails. Deposits are still safe
October 5th, 2008 at 9:02 pm
The situation in the UK isn’t much better. Interestingly, more and more company’s are popping up all over the place offering to write off people’s credit card debt. Caution must be had however, as the precedent which governs this approach is weak with very little long term substance.
Andy Wallace’s last blog post..Mortgage Self Certification
October 21st, 2008 at 5:52 pm
Schools don’t teach finances, and with the amazing amount of both good and bad information on the internet it is hard to know where to turn. In fact, it is easy to get ripped off and end up even worse than before.