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The Debt Tsunami is a gimmick, but it probably doesn’t matter

I saw some people passionately advocating both for and against a new method of paying off debt: The “Debt Tsumani,” which focuses on paying off debt in the order of its emotional impact on you.

As someone who paid off more than $150,000 worth of debt over the course of about four years in the last decade, maybe what I have to say about that matters to you.Read More »The Debt Tsunami is a gimmick, but it probably doesn’t matter

Don’t let debt cripple you

Sometimes people ask me for help with their finances. And I’ve seen the effects that debt can have on people. I believe having no debt is best. Having debt that you’re paying off is second-best. Festering debt, however, is crippling. That’s what you want to avoid, before it catches up with you. Not only can bad debts keep you from borrowing more money, it can also make it more difficult to sign a lease or get a job.

Here’s how to make a plan to pay off that debt and improve your credit score.

Read More »Don’t let debt cripple you

Wouldn’t you agree, more income is the answer?

So a friend of a friend came over the other night, pitching a pyramid scheme. He just told me he’d started a business. I figured (and kind of hoped) he wanted to sell me handyman services. Actually he wanted to get me out of debt.

“But I have no debt,” I said. He told me I needed to keep an open mind.

I remember the last time someone told me that. It was two Mormon missionaries. To be nice, my wife and I let him keep talking.

Read More »Wouldn’t you agree, more income is the answer?

Running a marathon with no plan

Yesterday I commented on a popular financial blog about using a debt snowball to pay off debt. Another commenter said she would never use such "psychological aids" or some other derisive name, if she ever found herself in debt.

I commented back, saying she could call it whatever she wanted, but I’d call it what it is: a plan. And if you’re going to pay off debt, you either need a plan, or some phenomenal luck.

Nickel and dime your way to prosperity

An old friend and I have been talking a lot about debt elimination these past few weeks. With any luck, both of us will be completely debt-free by age 45 at the very most, and probably sooner.

The trick is to dump as much money as possible into debt retirement. As recently as November, the interest on my Honda Civic was costing me $1.40 a day. Think what you could do with that $540 a year you’re paying in needless interest.

The challenge is finding the money to use to retire debt.

A nice Labor Day.

Yesterday was nice. I got up late, then bummed around all day. I did a couple of loads of laundry, and I put a different hard drive in my Duron-750. Then I ignored my e-mail, ignored the site for the most part, and installed Wintendo (er, Windows Me) and Baseball Mogul. Around 6 I went out and bought a CD changer. My old 25-disc Pioneer died around Christmas time and I never got around to replacing it until now.