Get debt free strategies that really work!
All debt sucks but probably the worst kind of debt is credit card debt. It is possibly the worst, most insidious debt trap that works hard to keep its victims ensnared. Not only do you pay extortion level interest on your balance, but most likely that whatever you bought on credit and are still paying off, has already been used, eaten, or tossed in the garbage.
If you’re serious about getting debt free, here are some strategies you’re going to love!
Your Debt Relief Plan
Becoming debt free doesn’t happen by accident – you need a plan. This post covers all the basic information you need to get your debt under control and paid off.
It’s not rocket science but it does require a healthy mix of enthusiasm and dedication so… Get a plan then read some of the stories below to see how others successfully paid off their debt.
How To Pay Off 20k Credit Card Debt
From How to Nest for Less
Owing $20,000 in credit card debt might not seem much to some but it’s a lot of debt to have hanging over your head. In this article you’ll learn the tricks they used, like plan 3 months ahead of time. They knew what bills were coming and prepared for them. This meant they could stop adding to their credit card balance.
One of the most important get debt free strategies is to plan ahead.
How I Got Out of $40,000 Worth of Debt
Here’s a perfect example of the power of commitment to your debt free strategy. How being extremely frugal in the short term can lead to actually living the lifestyle you want in the longer term. And, no debt needed to finance it.
James discusses the ways he cut spending but also another important aspect of getting your debt under control quickly; ways to make extra money.
We Were Tired of Being Broke So We Paid Off $52K in 7 Months
From Jackie Beck
$52,000 in consumer debt is overwhelming. It amazing how many of us keep ignoring that growing number on the credit card statement until life throws you a situation you can’t ignore. They turned the situation around though. And, this is the story of how they did it.
They used the Dave Ramsey Snowball Method described in detail in his book The Total Money Makeover. Using the snowball method they were able to enjoy ticking off their debts fast. Progress is an excellent motivator!
How We Ditched $18,000 of Our Debt in a Flash
From Jessi Fearon
In this article, Jessi tells the story of how she was willing to give up something precious to her in order to have the luxury of being able to sleep at night. It highlights a situation many of us find ourselves in all too easily; financing purchases when we ought to wait and pay cash.
How I Paid Off $7k of Credit Card Debt in 7 Months
From Smart Woman
This article highlights the power of a phone call. Credit card interest rates are borderline extortion, therefore reducing the interest rate you have to pay on your outstanding balance can make a huge difference. The less you pay in interest, the more you can pay toward reducing your debt.
That One Time We Paid Off Our House
From View Along the Way
This really is the ultimate in being debt free; mortgage free. And, it’s a lot harder to do in my part of the world where housing prices are nuts. When I say nuts, I mean the median house price in some suburbs around our major cities are over 10 times the average income.
But, the principles are always the same, as highlighted in this article; buy less house than you can afford and commit to making necessary sacrifices so you can pay it off. If you have a budget (and stick to it) paying off your mortgage early is possible.
How to Pay Off Debt in 90 Days
From Financial Best Life
Paying off $8,000 in 3 months is epic. Unless you have a very high income, finding an additional $2700 per month takes real effort and determination.
But, setting the goal and defining the required payment has a huge impact on your motivation and what you’re willing to sacrifice during that period. Deadlines work!
Keeping a tight deadline is a bit like ripping off a Bandaid. Sure, it can be painful but the quicker you achieve your goal, the less pain you have to endure. It’s also another example of how debt free strategies need to match your personality to be most effective. If you’re the impatient sort, try a tight deadline.
How We Paid Off Over $22k in Less Than 9 Months
From Growing Slower
If you’re on a low income, it’s easy to get mired in the belief you’ll never be able to be debt free. Not true!
Earning a low income means you’ll have to work a little harder at it and maybe sacrifice a little more in the short term. But, it can be done. You just have to maintain your belief in the outcome you want.
Don’t believe me? Read this article to see how it can be done.
How We Got Out of Over $147,000 in Debt
From And Then We Saved
Got a lot of debt to pay off? Then you need to read this article.
You’ll see how Anna and her husband used every spare dollar that came their way to pay down their debt. That’s not unusual. What was unusual is that they paid money against their debts as soon as that money became available. They didn’t wait until the payment was due. Depending on how your debt’s interest is being calculated, this trick alone can save you mega amounts.
They also mention how important it was to change their mindset toward their debt. More information on changing your mindset here.
From Bankruptcy to Paying $22,000 Cash for a Car
From Penny Pinching Mom
This is as epic as it gets! Which is why I’ve left the best until last. Read Traci’s story about how bankruptcy affected her and how she regained control of her finances and her future. You won’t be disappointed.
You’ll see how a chance observation changed everything for Traci. Don’t miss it.
Dave Ramsey’s Baby Steps
In many of the blog articles mentioned above, Dave Ramsey and the ideas, and debt free strategies mentioned in his book, The Total Money Makeover are frequently mentioned.
Some people find Dave a bit… confrontational. He definitely has a unique way of communicating and not everyone is enamoured with his constant religious references but, that being said, he gives some very sound advice on how to become debt free.
This infographic outlines the Dave Ramsey’s Baby Steps strategy to taking back control of your finances and becoming debt free. If you’re ready to start researching debt free strategies, Dave’s site and book are an excellent beginning.
Debt Free Strategies Just For You
Getting out of debt is a goal worth striving for. You’ll have less stress, and more choices. And, most importantly, more control over your life. You don’t have to stay in a job you hate, or live in a scary neighbourhood or, just constantly watch the pennies.
I hope these stories of the debt free strategies used by people just like me and you can help you either kick start your journey or keep you focused and inspired while you pay down your debt.
Remember, find the strategy that suits you best because it’s the one you’re most likely to stick to. Good luck!
Share your tips and strategies for getting debt free in the comments. You never know if your seemingly simple trick might change someone’s world!
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