If someone had told me seven years ago that I’d be debt free by now, my first reaction would be to laugh in his or her face and then beg them to let me in on their secrets and tell me how this would ever be a humanly possible feat. I had just bought a sweet brand new vehicle (hello, car payments) and had moved to Vancouver, the most expensive city in Canada.
I bought the SUV before moving and believed I needed it, as I wasn’t comfortable driving hunk-of-junk cars anymore that would break down at the drop of a hat, in minus 40-degree Celsius weather, on the side of an ice-encrusted skating rink of a highway.
If you have debt, you’re not alone. Americans are spending more money than they make and piling on debt…mortgages, loans, and credit card debt. The Census Bureau shows the median household income at just under $60,000 a year, while the Federal Reserve says the average household has over $137,000 in debt.
Enjoy this guest post from Alan Akina!
A Harvard Business School Graduate recently made headlines for paying off a $90,000 debt load in just 7 months. It’s an amazing accomplishment and shows that it can be done. Maybe you can’t pay off that much debt in that little time, but if you’re willing to make tremendous sacrifices you can also abolish your debt in a fraction of the time as if you’d made regular monthly payments.
This list is to inspire you and make you realize there are avenues towards a debt-free life. Whatever you choose from below all will lead to freedom. A freedom from worries and stress.
Debt is lingering amongst too many people. Debt doesn’t discriminate for age, intention, or income. I don’t want to get into statistics but would rather approach debt relief through the behavioral finance lens.
My fiancé and I are living through the common mid-twenties debt necessity lifestyle which most people are accustomed to after college. You know, the debt you are predestined to occur as a college bound student from the middle class. You have to go to college, right?
According to a survey conducted by CreditCard.Com, more than a third of Americans incurred debt over the holiday season. I have always said that you will have more money if you are earning interest on it instead of paying interest to someone else, but I had to learn that lesson the hard way because I left the military after 12 years of service with over $32,000 in credit card debt.
The sad part is that I did not accumulate that debt because of a medical emergency or because I lost a job. I was in the military and my housing was paid for, my food was paid for, the Army provided me with a uniform, and my dental and medical were free.
Getting your debt paid off is perhaps the most important suggestion a finance blogger can give you. I have written many posts on this subject. Still when a guest blogger offers to extend advice on reducing debt burden, we can’t simply say ‘No’. I’d love to present you thousands of articles to reduce your debt. Enjoy this very encouraging post from Bill. This is Bills 4th guest post on my blog.
Just like it is normal to have addictions and habits, having debt is slowly becoming a tradition amongst a number of people.
Knowing that you’re supposed to save up and not being able to is one of the most frustrating things in the world. But what can you do? You have to pay your bills. You have social obligations that all cost money. You need a presentable wardrobe for work.
You’ve been doing every single solitary thing that you can think of to save money and the urge to say “to heck with it” and just not pay your bills and hope for the best is growing.
Readers, if you have scanned through my about page, you may be aware that we are for ever debt free. I also wrote about the techniques by which we are debt free till date. I wanted a guest post with a story telling the journey towards debt freedom. I was fortunate to get a guest post listing 51 ways to get out of debt, this post has been one of my top viewed post. So when Savion offered me this article, I was delighted. I sincerely hope this article inspire readers in debt. Enjoy the post!
When you’ve dug your heels in debt and you’re unable to make regular payments on your multiple bills, don’t you feel that you’re carrying a redwood tree on your shoulders? Your fingers remain crossed while you write checks and you hold on to your breath with each swipe of your credit card only not to see the dreaded faux pas: “declined”!
Facing debt is not easy. Various credit card statements, phone bills, overdue utility bills and other IOUs are not pleasurable sights. As a responsible citizen, I know we all have our shares in keeping ourselves debt-free; however, there are times that we can’t really say no to those tempting things we see on the display stores.
”Those shoes are just so me. I’ve got to have them.”
”I love the feel of this fabric in me. They won’t be on sale next week, or maybe tomorrow, so I’ve got to buy them now.”
”It won’t hurt to have another cup of coffee, right?”
”The latest brand of mobile phone really fits my lifestyle. I have to have it.”