Subscribe to RSSFlashback: Work toward debt freedom
Wandering Indian Monk hosted Carnival of Debt Reduction #30, and this week’s Flashback from that Carnival comes from Cakes and Ale: Freedom from debt. How do you best use the money that you’ve set aside to pay down your debts?
- Don’t just shuffle the debt around. The balances have to go down, too.
- Recognize that you brought the debt on yourself and you have to get out of it yourself.
- Use little windfalls to pay down more debt instead of going on a shopping spree.
- Keep paying more than the minimum on your debts.
- Do all of this with a strategy so that you can monitor your progress.
2 People have left comments on this post
Apr 18, 2008 - 04:04:49Hi
Much as I agree with a lot of your points above, I have to say that one, is not always true … in a large percentage of cases, people do not always bring on the debt themselves.
This can happen due to recessions and sudden high interest rates, illness, sudden divorce and many other hidden reasons, such as gambling by a partner.
I really wanted to make that point - people’s debts challenge issues are not always brought on by their own individual faults.
Otherwise it is an excellent article.
Very true AnneMarie.
No advice can be one-size-fits-all; there are always exceptions. The gambling one can be serious — it’s difficult to drink a paycheck away, but it’s a piece of cake to gamble one away.