About 12 years ago when I came home from Africa, I was up to my eyes in credit card debt. It wasn’t that I was living high on the hog, it was just simply debt we had accumulated while living, and then some rather large expenses associated with the circumstances of our coming home.
Eight years later, we were completely debt free… that is of credit card debt. We still had a car loan and a mortgage. Things got tight again and although we said we wouldn’t go there, we found ourselves back in debt by about $18,000.
Now, the one thing to keep in mind is that the vast majority of people who are in debt are not in debt because they are buying luxuries or taking vacations to Cancun. Most people are paying utility bills, buying groceries, paying for gas… just trying to survive. Life happens sometimes, and it’s not because you are living beyond your means. Typically, circumstances change and you find yourself paying for an emergency medical expense with a credit card because your income got cut, lost a job, or whatever.
Well, this year, I committed myself to being 100% debt free again by year’s end. I have paid off 2 cards so far, this month in April I will pay off one more, and by the end of May I hope to have another paid off. After that, I have two larger debts to take care.
Here’s what I did. I bought Kevin Trudeau’s book, “Debt Cures.” It has really helped. One of the ways to get those credit cards paid off sooner is to get interest rates lowered, and all those fivilous fees removed. It’s amazing how quickly you can pay down your debt when the credit card company isn’t adding back to your balance with interest and fees. I highly recommend you check out his book. Go to: www.debtcures.com
Another friend of mine here in the Dallas area also recommended USCA Online. He found their information very helpful and is using their recommendations to pay off his debt. You can check out the USCA Online website by going to: Eliminate Your Debt
If you watch the news or read any magazine, they’re all talking about recession and a tough economy. While I believe it is very smart to build a new stream of income or to do something to increase your monthly cash flow, I believe it is equally wise to take all or part of that increased income to pay down your debt. Go check out Debt Cures and USCA Online. While my goal of being 100% debt free in one year is somewhat agressive, I think many people could pay down a debt my size within a few years.