5 Things You Didn’t Know About Your Student Loans (and Absolutely Should!!)

about student loans

More than 2/3 of students graduate with student loan debt. Worse than this, the median borrower graduates with loans in excess of $30,000. It’s no surprise that student loan debt has been on the rise in recent years, but the countless truths that students simply don’t know about student loans is astonishing.

5 Things You Didn’t Know About Student Loans

If you have college debt, you’re obviously not alone, but that doesn’t mean you can go on being oblivious about student loans. Do yourself a favor and take two minutes to learn about the five student loan truths below. By the end, you’ll be happy you did.

1) Student Loans are NOT Bankruptable

Kids graduate from college (or worse, they quit before getting their degree) and they get their breath taken away by their student loan debt totals…

“How in the world did this happen? How could I . . . → Read More: 5 Things You Didn’t Know About Your Student Loans (and Absolutely Should!!)

5 Things I Did to Ditch $21,000 in Just 6 Months

get out of debt in just 6 months

Getting into debt – that’s easy. Getting out of debt…now that’s another story!

But that doesn’t mean that getting out of debt has to be arduous or incredibly slow. If you set your mind to it, and if you gather all the right information, you could get out of debt pretty fast! Heck, I was able to ditch $21,000 in just 6 months earning a $57,000 yearly gross salary. Even if you’re not a math whiz, you know that those numbers just don’t add up. How in the heck could I pay off $21k in such a short amount of time?

Like I said before, I:

had my mind dead-set on getting out of debt, and I had all the information I needed to do it.

Related: How the Debt Snowball Really Works (Free Tool Included For YOUR Debt Snowball!)

5 Things I Did to Get Out of Debt in . . . → Read More: 5 Things I Did to Ditch $21,000 in Just 6 Months

Should You Sell Your House to Get Out of Debt?

should you sell your house to get out of debt

You are absolutely pumped to get out of debt. You sit down, gather up all your credit card bills, car loans, and student loans… Every time you think about this debt, it completely paralyzes you, but then you’re struck with an epiphany! You could sell your house to get out of debt (thank you equity!!)!

But…is this a wise move?

Should You Sell Your House to Get Out of Debt?

Thanks to the huge spike in the housing market, many people are gaining equity back in their homes – HUGE equity. In fact, according to Zillow.com, a house that was worth $150,000 in 2012 is now selling for $200,000 or more, just five years later. If you happened to be one of the lucky ones that purchased a home in 2011 or 2012 (or pre-2005), you’re probably sitting on $50,000 or more in home equity.

So, if you simply sold . . . → Read More: Should You Sell Your House to Get Out of Debt?

5 Ways to Stay Stuck In Debt Forever

5 ways to stay stuck in debt forever

If you’re a regular visitor to LifeAndMyFinances.com (thanks and welcome back!), then you know that there’s plenty of practical, down-to-earth advice here on how to become — and stay — debt free.

However, sometimes in life, it’s more memorable (and also more entertaining) to look at things from the other end of the spectrum — i.e. what NOT to do.

For example, some diet and wellness experts highlight ways that people can add pounds and ruin their health as a kind of scare tactic. The same goes for law enforcement organizations when they want to get people to wear their seatbelt, stop drinking and driving, and so on. Stories and photos of smiling, safe drivers is kind of forgettable. Stories and photos of drivers laid out on a morgue slab is striking.

5 Ways to Stay Stuck in Debt Forever

Well, today I thought it would be illuminating to . . . → Read More: 5 Ways to Stay Stuck In Debt Forever

How David Escaped $35k in Debt After Divorce

debt after divorce

David’s life was rolling along just fine. He married a beautiful woman, had a son, and all in all lived a pretty good life! Sure, he had some debt, but who doesn’t? They could make the payments, and they were sure they’d take care of it eventually.

It really didn’t seem to be that big of a deal….until the divorce.

How David Escaped $35k in Debt After Divorce

Andrew Schrage, the owner of MoneyCrashers.com, recommended that I connect with David just a few weeks ago and I’m definitely glad I did.

David’s story wasn’t unlike many of yours in the fact that he had a pretty sizable debt. What makes David totally different is that he took extreme action against his debt. He slayed the beast, is now standing atop of him, and has the feeling of complete invincibility.

This is where I want you to be.

So what better . . . → Read More: How David Escaped $35k in Debt After Divorce

4 Money Strategies We Used to Knock Out Thousands in Debt

knock out thousands in debt

“The essence of strategy is choosing what not to do.” Michael Porter of Harvard Business School said that, and it’s pretty profound.

Adding new habits to our lives can be an important way to make a change. But it’s often more important to quit old habits that are leading us away from where we want to be.

That’s why our family has been so effective at paying off debt. We’ve managed to pay of many thousands of dollars worth of debt on one income, even while raising 5 kids. And we’ve done that by not only eliminating bad habits, but replacing them with much better habits.

4 Money Strategies We Used to Knock Out Thousands in Debt

Let me show you what I’m talking about. Here are four money strategies we’re using to knock out all our credit card debt.

This post was written by Jamie Jeffers, one of . . . → Read More: 4 Money Strategies We Used to Knock Out Thousands in Debt

Are You Treating Debt Like an Emergency?

treating your debt like an emergency

Remember back in college? It was the first week of school, and you were amazed by your sudden independence. Just a few months ago you weren’t allowed to chew gum or loiter in the hallways for more than 2 minutes. But now, your professors weren’t even taking attendance in class!

So when you saw the credit card booth, it was hard to resist. Getting a credit card is another sign of being an adult. And you were desperate to prove how grown up you were. Besides, that towel with the school logo on it was a pretty great bonus. Who can resist a free gift?!

It probably took months or even years for you to realize the high price of that towel. Over time, you racked up so much debt that you can barely stand the thought of opening the bills when they come in. Better to not even know . . . → Read More: Are You Treating Debt Like an Emergency?

How to Get Rid of Debt WITHOUT Living in an RV

get rid of debt without living in an rv

The craze is spreading across America…people selling all their stuff, cramming into small RV’s, and then pretending that it’s the best thing ever…. Really?? I’m sorry, but I think I speak for 95% of the population when I say that I’d rather get rid of debt without living in an RV…

…and it’s entirely possible by the way.

It’s great and all that people across the globe have tackled their debt head on and are willing to drive around a camper to do it. But, RV life isn’t for everyone. So, I’m actually going to steer people away from it in this post.

If you hate traveling, have a family of 5+, or if the thought of camping makes you throw up in your mouth a little, then this write-up is for you.

How to Get Rid of Debt WITHOUT Living in an RV

Let me tell you flat out. . . . → Read More: How to Get Rid of Debt WITHOUT Living in an RV

Which Income Class Are You In? How Do You Rank?

Income Class

“The other people that live on this lake aren’t uber-wealthy are they? No, they’re middle-class, right?….Like us!” …said one of our friends that earns over $200,000 a year….

I literally had to bite my lip to keep from entering the conversation.

Middle-class like you? You really think you’re middle class? In what fairy-tale world do you live where $200,000 a year is considered middle-class?

Instead of blurting out my brash comments, I decided to suppress them, do some research, and then plaster my findings passively all over this website! Lol.

Which Income Class Are You In?

While I was delving into the details of the income classes, I naturally grew curious around where Liz and I landed on the income spectrum, and then where we might land in the future with our growing rental empire (which at this moment is an “empire” of one… ;)). So of course if I’m . . . → Read More: Which Income Class Are You In? How Do You Rank?

Who Cares About Interest Rates? How to Rank Your Cards for Debt Repayment

how to rank your cards for debt repayment

Let’s say you owe a bunch of money to several different credit card companies. Maybe you owe a little bit on this card, but a lot on that one. Or this card has a higher interest rate than that one. Does it matter which one you pay off first?

Yes, it does. But I’m going to recommend you rank those cards in a different way than most of the money gurus suggest.

This post has been written by our amazing staff writer, Jamie Jeffers.

Have you heard of the debt snowball method promoted by Dave Ramsey? I’ve got no problems with Dave! I enjoyed his class and his ideas. But his method of paying off cards from smallest to largest balance didn’t cut it for me. It wasn’t the motivation I needed.

(Derek’s Note: The snowball method definitely worked for me! But it’s always good to hear some other opinions . . . → Read More: Who Cares About Interest Rates? How to Rank Your Cards for Debt Repayment