A Personal finance blog to get rich
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!
When I was a college student, I received my first credit card offer. I didn’t know it at the time, but that one credit card would lead me down a financially destructive path and eventually to $12,000 in credit card debt. It took me three years to dig myself out of the financial hole I got myself into- and I learned many lessons along the way. I now want to use what I’ve learned to help others on their debt pay-off journeys.
I believe anyone can get out of debt, no matter how impossible it may seem. I know what that hopelessness feels like, but I also know what it feels like to finally be debt-free after years of drowning in credit card debt. I hope my story inspires you and gives you the confidence you need to start paying off debt so you can have a more secure financial future.
We have a guest post today from wonderful Sarah, who worked on side gigs based on her talents and knowledge to pay a major portion of her student loan debt. See a live example of how quickly you can wipe off your student loan by doing what you love most. If you’re shopping for student loans, check StudentLoanHero first. they are online and can give you the rates fast.
The student loan crisis is crippling many college graduates – myself included. Through no fault of our own, many people graduate with $100,000+ in student loan debt. Are you one of us? Having money is something I’ve struggled with for most of my life. After all, we’re never taught about managing money in school.
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.
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. 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”!
