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Debt is a nasty thing. I think the worst thing about it is not how it enslaves you– that’s just the principle of sowing and reaping. No, the worst part about debt is how easily and quickly it accumulates and yet so many are oblivious to it and sign up for another credit card.
My personal war on debt started last year. I was getting tired of my big payments, and I picked up Dave Ramsey’s book on the Total Money Makeover and I was hooked. So, I transfered my debt ($10,000) one last time– over to a 0% card– and committed our family to paying it off before the interest rate went back up.
To chronicle our progress, I’m going to put a widget in my side bar indicating just how much debt we have yet to go. Right now, we’re around the $5,000 mark (looking at $4,000). Why not smaller? My company changed health benefits which means I’ve had to have more out of pocket than before when paying for my baby’s arrival– but I didn’t know how much.
So, I’m going to attempt to share with you some fallacies and things I’ve learned about debt, and let you keep updated about just how close we are– and if we make our goal– of getting out by July.
Bub, I’m big-time proud of you. Getting to work on deep-sixing your debt is huge, and I just wanted to say thanks for spreading the word about Dave Ramsey and debt freedom. No payments is the way to go! Good luck on sending your debt up the river. Let’s get the debt-free word out, baby. And thanks for working for The Man Upstairs.
MIn, being in debt is almost like being in bondage. There is no peace and it is almost like tunnel vision. I hate it.
I totally agree with Leticia’s comment and I’m looking forward to hearing more! :cheerful:
Thanks for sharing this, and for your honesty on the issue. All the best with the progress on bringing your debt down by July.
Sounds good on an almost universal problem! I enjoy Dave Ramsey’s stuff, and also the late Larry Burkett. It will be interesting to see if you share thoughts on “who” should be in charge of the money? 🙂
It’s a tough topic– and there are many great men in the field. Hopefully some of my experience can help others without taking too much from these guys that are truly the brains behind setting us free.
My wife and I took the Dave Ramsey class about a year and a half ago. I would highly recommend this class to each and every one of you who reads this. It’s not necessarily designed for the person IN debt; it has sensational teaching on how to manage your money, prepare for the future, mutual funds, I could go on and on.
I would say that his baby steps are for the person to get out of debt and have a good financial plan. Like he says, we have a lot of money we will handle over our lifetime– too much to not have a plan to figure out what to do with it.
The baby steps coupled with the snowball effect are such a powerful combination. It’s not like we didn’t know a lot of this stuff already; he provides a very simple and guided means to achieve it.