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Credit cards? Bye Bye. ALOT of debt problems come from image problems I think. I had him put money in jars for the week and was only allowed to spend what was in the jars, Funny but simple. I got into debt probs when I was a teeny bopper, ahhh those days… Thank god I had a parent who cared enough to let me fail then showed me the ropes about money. I took a different route to clear all my student debts after University. I ended up taking a job though hagwanhelper teaching English in Korea. A second year wiped out the debt and gave me a good chunk of change in the bank.

This has helped me to cut 2 credit cards just now when you write to stop rationalizing. Debt is simply a product of insufficient cash-flows — too many people over estimate the inflow, and underestimate cash out-flow. If you stand any chance to get out of debt and increase wealth you need to create 1.

A Cash-Flow spreadsheet — all money earned vs. Develop a budget, a be honest about your spending a budget where you pay-yourself first, then creditors. Those who cannot manage debt are like those who cannot resist chocolate, and gorge themselves on it. If that is your case, then feel free to not use it….

Hi, I am working with a debt settlement company right now to help me pay off credit cards. Is there any way I can pay this off faster?

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I think having your savings in an account that is not easily accessable is a great idea. It has worked really well for me. Great advice.


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I think that also applies even when you not in debt, but headed in that direction. For instance to manage expense — certain categories of purchases for my wife and I are cash only. When we do a vacation — we bring a envelope of our budgeted money. These are two areas that we currently do this and it helps us control our expenses. It is a great site that helps students find odd jobs such as babysitting, landscaping, and more. I hear people who claim debt is not the problem and partially that is true.

You do need the ability to borrow. However, they are not looking at the real problem with our economy and the debt burdens that people have been subjected to. Credit Card companies like to lure you in with small opening balances and as time passes and you make payments they increase those limits sometimes to unbelievable sizes. I also have on that card charged. Needless to say I paid the entire card off and cut it up.

Most people cannot afford to do that. This debt also causes alot of other things to happen. The deflation of the dollar, the mortgage-crisis, the rise in oil prices, and commodity prices.

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12 of the Fastest & Most Effective Ways to Get Out of Debt & Pay Down Debt

They are all interconnected. Our grandparents would roll in their grave to know that we are paying interest on groceries, eating-out, gas,and entertainment -all things that hold no value. So when debt reaches a point beyond the limit of comfort, you essentially become an endentured servant to society and life becomes stressful and unfullfilling. That is what alot of us are suffering from. So do not knock those in debt trying to turn things around. At least they are not filling bankrupcy. Took me a year to recover and pay of a The moral of the story is things happen and if you pay cash, you will never be stuck paying interest on cash payments.

Here is a site I have in my del. Make sure to check his site out but he also has a radio show. We have already completed steps 1 and 2 stopped acquiring new debt and cut up all 12 credit cards, as well as established an emergency fund and we are currently attacking the cards. First I needed to go back through our bank records to see exactly where our money was going. I went back 6 months and was shocked at what I learned! Once I analyzed how much he was spending on what, I was able to put him on a budget. But now I know how so very important this step is!

Since we now keep track of every single penny that enters and leaves our lives, we are no longer spending money haphazardly. I have started making him take a lunch from home every day, which saves a ton of money on fast food. Instead of using a debit card to buy groceries, we take a designated amout of cash with us to the store and ONLY spend that. And guess what?

We have been able to pay off 3 of our lowest balance credit cards in only a month! Only 9 cards to go! Before we took a good, hard look at how stupidly we were handling our money, we struggled with just making minimum payments month after month after month.

Dave Ramsey - How to Stay out of Debt Forever

And we will never, ever get into this situation again!!!!! Great article. About the snowballing, though. Out of Debt, worked real hard at it, I am now paying off the utilities a year in advance. I have cut down on giving my biggest problem.


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I got myself a big board, wrote down all my debt and month by month reduced the totals. I watched that board constantly, put it in the front room, put it in my bedroom. I now have Mom and Dad all credit cards paid off. It feels good. I am working to pay the utilities a year in advance. I am now working for myself, My biggest expense or problem was charity, every Christmas I went wild. Keep working at it. Sad huh? The lesson boiled down to the fact that implementing things that are good for you in the long run have less hedonic value for you in the short term.

Since we are built to react to short term rewards, it is much harder for us to choose to make the decision that will benefit us less in the immediate future, but more in the long term.

25 Ways to Get Out of Debt

Personal finance has some basic rules that are easy to understand, but hard in the short term to give up the immediate short term rewards real shopping is sooo much more fun than window shopping. However, if we can set up a system that mitigates the feelings of the loss of these short term rewards, we will reap a much larger reward in the future. Many people also feel that everyone should be able to live by the same set of standards and practices that they live by, and condemn those that do not as evidenced by some of the responses to your own postings unfortunately.

I ended up just writing to get my mind clear:. It baffles me that some people can take a message and twist it just so that they can argue the point, as ST did.

Why do New Year’s resolutions fail?

Great post today, JD. While it is common sense, some people just turn their lives around to follow the steps needed to get into a better financial situation. It is analogous telling someone who wants to lose weight, to stop eating. When put that way it just sounds ridiculous. I see pf the same as juggling.

Reasons You Will Never Get Out of Debt

Concept is easy throw balls from one hand to the other , yet the execution is difficult. Just as with all the failures in juggling dropping the balls , the same feeling with pf emotional spending and building debt : The failures are the steps on the path to success. Keep trying and you will see that soon you can balance your budget and juggle 3 balls at the same time!

I agree that we have to fight human nature to win such as paying down the lowest balance first. I do the same thing with a To-Do list. I tackle the easiest ones first instead of the most important but would take longer to get quick victories.

Cost of Debt

It keeps me motivated. I can solve problems all day long, apparently. For every dollar you gain, other people must lose a dollar. Hmm…parallels abound.