Welcome to the Carnival of Debt Reduction

Welcome to this week’s Carnival of Debt Reduction!  This week we have a bit of an Olympic medal theme.  Four of my favorite posts (gold medals) are at the top, and this week I’m highlighting first a couple of folks who are actively reducing their debt and doing a bang-up job at it.  That was the main reason I started the Carnival: to bring attention to people reducing their debt and to provide a forum for encouragement.  Please first stop by My Daily Dollars and Debt Reduction Formula to congratulate them on their progress this far!

Remember: The color of the medal doesn’t matter that much because the posts made it into the Carnival!  These posts were all winners this week.

GOLD MEDALS:  Here are my four favorites for this week:

• My Daily Dollars discusses her "A-ha!" moment during debt reduction.  Getting to the point where it finally clicks why carrying balances is so bad is a big step toward getting rid of that debt.
• Debt Reduction Formula knocked off over $5k in debt in the last thirty days.  That’s fantastic!
• No Credit Needed reveals ten great things about being debt-free.  (Oh, and did you know that the No Credit Needed Network is opening again to new members?)
• Tough Money Love launches an involved discussion of the future tax benefits of a paid-off mortgage.

SILVER MEDALS:  The best of the rest of the debt reduction related posts:

• The Road to Black advises just saying "no" to credit cards.
• Free Money Finance hosts a guest post on the first step to getting out of debt.
• Budgets Are Sexy enlists the help of a linked checking account to avoid more overdraft fees as he reduces his debt.
• Economic Forecasts gives a number of tip on how to improve your credit rating.  (Also provided were ways to reduce debt during the credit crunch.)
• Destroy Debt discusses debt management companies.
• The Money Answer Guy lists a number of ways to avoid getting hit with credit card charges.
• Personal Finance Analyst discusses the potential benefits of a credit card bill of rights.
• Ask Mr. Credit Card explains what to do if your credit card debt has been charged off.

BRONZE MEDALS:  A few selected ancillary-topic posts that could help with debt reduction:

• Digerati Life wonders about the possibility of going a year without buying anything new.
• Rich Credit Debt Loan gives advice on how to not nickel and dime yourself to the poorhouse.
• Savings Toolbox lists tips on choosing the right online savings account.
• American Consumer News talks about implementing an emergency fund.
• Discover Debt Freedom shows how to supersize your savings account.

No Credit Needed will host next week!  (And eventually NBC will cease being the Michael Phelps channel!)

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