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Debt, debt repayment strategy, debt consolidation

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debt repayment blog

Tip #3: Starting a blog is one of the best ways to make extra money. I made over $13,000 in six months of blogging. If you want to start a blog, Bluehost has the cheapest options to get started (that’s who I use). Here’s a list of ideas to blog about and a tutorial on how to get started.
I am always looking for ways to budget better. I like to use a planner to track all my expenses. You can use a free one like Google Calendar, or a paper planner like this one.

Family Money Plan: When this young father announced his plan to pay off his $320,000 mortgage early, everyone thought he was crazy. That told him he was on to something good: “If everyone thinks it’s impossible, you could be on the right track, or you could be crazy. Dig a little deeper to see which one it is. Then take action.” Spoiler: Six years later, he did it. See everything they gave up on their journey to mortgage freedom.
Mr. Money Moustache: This 30-something engineer and his wife are early retirees living on passive income, or as he describes it, “financial freedom through badassery.” While not a debt-conquering blog per se, there’s plenty here to help you live on less — which is essential to pulling out of debt. For starters, try your hand at feeding your family on $80 a week.

There’s nothing fun about picking up your phone and hearing a debt collector on the other line. Opening your mailbox to find a pile of collection letters can make your stomach drop too. But when View Post
Many people come to a financial crossroad. That moment when you finally realize you have more debt than your budget can handle, and you’re ready to make a change. An immediate change. Like, right now. View Post

Get inspired: When David Weliver had to decide whether to pay his rent or his credit card bill in his 20s, he felt immense guilt. “After years of carrying obscene amounts of debt, it was the first time I couldn’t meet a payment obligation,” he says.
“I made the fixed personal loan payments, and whatever was left over I put toward the higher-rate APR cards, which I paid off before the lower-rate cards,” he says.

It might be painful to learn the truth but you have to bite the bullet. Then you’ll see that it’s not hard to end this bad habit. In fact, you can get the credit card companies to help you. Just look at the back of your credit cards for their number, call them, and ask them for the amount of debt you owe, the APR, and the monthly minimum payment on the card.
You wouldn’t believe how much money people waste by skipping this step and blindly paying off any bills that come in with no strategic plan.

Step 2: Make minimum payments on all debts except the smallest—throwing as much money as you can at that one. Once that debt is gone, take its payment and apply it to the next smallest debt while continuing to make minimum payments on the rest.
This is how the debt snowball method works . . .

Yikes. Debt is as American as apple pie, but you know as well as we do that it doesn’t taste as sweet. If you stick with us, we’ll show you how to pay off debt and stay out of debt for good.

  • student loans
  • car loans
  • credit cards
  • medical debt
  • home equity loans
  • payday loans
  • personal loans
  • IRS and government debt

The sooner you start dealing with your debt, the sooner you’ll have it paid off. The next few years will pass whether you pay it off or not, so start by trying at least one or two of these strategies. You’ve really got nothing to lose!
Most of us have wishes and wants that are bigger than our paycheques. You might have heard the old saying, “You can have almost anything you want; you just can’t afford everything you want.” Many people get into debt and stay in debt because they tend to buy what they want, when they want. Not even millionaires can afford to buy everything they want. If you want something, don’t buy it unless you have the money. If you can be satisfied with less than you would ideally want, even temporarily, you can use the money you save to pay down your debt. By the time your debt is paid off, you’ll probably have adjusted to your new priorities, and you can use the money that you are saving to put towards other financial priorities.

Beating Broke is written by a man who, after finding himself and his wife on the brink of bankruptcy, chose to educate himself and dig himself out of the huge debt hole they had dug for themselves. Post topics include things like paying cash, new baby expenses, and not comparing your financial situation to the metaphorical Joneses.
The tagline to this debt blog is, “If debt had a face, wouldn’t you want to punch it?” Punch Debt in the Face is casual, opinionated, and funny, and covers topics you either deal with every day, or have thought about at some point or another, like gas prices, student loan debt, and whether you should cut your own hair.

It’s also worth looking into if your current loans carry high interest rates that cost you money. There’s no guarantee, but you can shop around with different lenders to possibly consolidate existing loans for a lower interest rate. This not only simplifies your debts — since, again, there will only be one balance to keep up with — but it could also save you money if you can get a lower interest rate.
The debt snowball is a debt repayment strategy popularized by financial guru Dave Ramsey. This method asks you to take stock of all your debts — loans, credit cards, mortgages, and other lines of credit with balances — and list them in order of smallest balance to biggest.

Resources:

http://www.kasasa.com/blog/debt/5-debt-busting-blogs
http://www.thebudgetmom.com/category/debt/get-out-of-debt/
http://www.nerdwallet.com/blog/finance/7-tips-for-paying-off-debt-from-people-who-did-it/
http://www.iwillteachyoutoberich.com/blog/how-to-get-out-of-debt-fast/
http://www.daveramsey.com/blog/get-out-of-debt-with-the-debt-snowball-plan
http://www.daveramsey.com/blog/how-to-pay-off-debt
http://www.nomoredebts.org/blog/money/management/12-ways-to-get-out-of-debt
http://www.mint.com/money-management-2/top-10-debt-blogs
http://turbo.intuit.com/blog/debt/debt-repayment-strategy-81/