Results Are In! Are You Serious About Paying Off Your Debts?

I posted an article last Wednesday because I wanted people to realize that they weren’t as hard-core about debt as they thought they were. And, without being focused and intense about paying off your debts, it typically takes a heck of a long time to get rid of them all. So here are the questions that I posed to my readers…

To Pay Off Your Debts, Would You Be Willing to: Cut your cable? Switch to a cheaper phone service provider? Turn the thermostat colder in the winter and hotter in the summer? Mow lawns for $15 for friends and neighbors? Move to a smaller, lower rent property? Downgrade your car? Cut your out-to-eat spending to almost nothing? Make gifts instead of buy them? Ride your bike instead of drive? Stop buying new clothes?

There were 296 responses to this survey – let’s see how hard-core you all really are . . . → Read More: Results Are In! Are You Serious About Paying Off Your Debts?

The Case for Gazelle Intensity When Paying Off Your Debts

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Gazelle intensity, in case you aren’t familiar with the term, refers to making sacrifices in spending as well as earning extra income to pay down debt as quickly as you can. Derek is clearly a fan of this method as he and his wife paid off $18,000 in debt in 14 months. My husband and I are currently in gazelle intense mode, and thus far we have paid off nearly $8,000 in 3.5 months. I am not going to try to sugar coat the situation; aggressively paying off debt is painful.

I once read that the best way to prepare a lobster is to put it in cold water and gradually raise the temperature to de-sensitive it. To add it to boiling water results in pain, but slowly increasing the temperature numbs it. Aren’t we like that with debt? We become numb to it and accept it. Our culture . . . → Read More: The Case for Gazelle Intensity When Paying Off Your Debts

Paying Off Your Debts: Avoid these Stumbling Blocks

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Are you currently paying off your debts? Maybe you have some credit card debts that you’re uncomfortable with, or perhaps you’re trying to get out of debt entirely. Either way, there are always stumbling blocks that can keep you from conquering those debts.

My wife and I spent 14 months paying down an $18,000 debt (plus, we paid $6,000 cash for a used car), and we know every distraction in the book. When we started to pay down the debt, it was new and exciting, but after a few months, eating peanut butter & jelly wasn’t all that fun anymore. This is where many people fail. They feel like the progress is incredibly slow, and their life just isn’t any fun anymore. Activities outside the house were cut out of the budget, shopping is now a sin, and life is all-around d-u-l-l dull.

Follow Me Through the Minefield: Debt . . . → Read More: Paying Off Your Debts: Avoid these Stumbling Blocks