Getting out of debt. Really possible or really crazy?
We get the advice everywhere, “get out of debt”. But is it realistic for most of us to eliminate our debt altogether? So, we want to hear from you. Are you debt free or have you nearly eliminated your debt? Post your comments here and share your advice. I’ll follow up with some advice of my own.
Malinda
Posted: January 9th, 2008 under Welcome.
Comments: 3
Comments
Comment from MajTnVol
Time: November 7, 2008, 5:50 pm
As of late, Media advertising boast that you can become “Debt Free” in a very short period of time. Pay-off 20-30 year Mortgages in 2-5 years without increasing your income, Knockout credit card balances quickly, etc…… If these statements were anywhere near the Truth, how is it that the majority of the working class people are in debt and remain that way even with the offer by these ads to eliminate debt?
I remain a disbeliever in these “Offers” because if these claims were true, most likely you would need to be careful not to get runover by the Stampede of folks running to take advantage of these services.
Your thoughts Please.
Maj
Comment from David E.
Time: January 7, 2009, 2:37 am
Maj,
The only thing easy about debt is getting into it! 
The advertised “easy way out” more than likely will end up ruining your credit score…not the best way to go if your ever want to own a home.
First, you have to make a decision to change the habit of instant gratification through credit. That means some sacrifices have to be made…but the end goal is not to be a slave to the credit card all your life. Budget your money, plan for those big fixed expenses like auto/home insurance, and use the snowball method to eliminate debt (As you knock off one debt, roll that payment into the next account’s payment). It takes time, but it works.
I took on a second job for a few years while my wife stayed at home to help care for the grandkids. We didn’t eat out or go on vacations. During this time, my son completed two years of college (Paid as he went), I went back to college (Paid as I went), we paid off our credit cards and our house.
David
Comment from Wrenn McCallister
Time: January 26, 2009, 10:47 pm
It is possiable to become debt free, I myself have cut up all my credit cards except my debit card. My 2004 F-250 will be paid off this summer. My house I bought in 2004 will be paid off in 2013, maybe sooner. I have been retired since 2000. I am doing it following Dave Ramsey. you can check him out at daveramsey.com
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