Ready to Pay Off Debt?

May 21, 2015 by

a debt free womanAs of February 2015, American consumers owed $850 billion in “revolving” debt, made up mainly of credit card debt. Auto loans totaled another $970 billion. But taking the prize was student loan debt at nearly $1.4 trillion. Wow.

The way I figure it, nearly every consumer who owes a tiny slice of these trillions would really, really like to extinguish their little part of this debt inferno. So I titled Volume 1 of the Money Counselor Simple Guides to Debt, Credit, and Wealth series “Be Debt Free!” Pretty shrewd, eh?

I Got Your Debt Freedom Right Here, Bub

Face it: if you owe a pile of high interest debt, you’re a wage slave. Just like a junkie needs a fix, you need that check each and every payday, or you’ll be in a world of hurt in a hurry. Your nose is so tightly fused to the grindstone you’ve forgotten what it feels like to breathe through it. You have to suck up whatever poop rolls downhill and directly to you at work, your retirement account is emptier than a biker bar on free tango lessons night, you’re wasting hundreds of dollars in interest every month, and you devote a few hours a month to playing the balance transfer game just to keep your head barely above water.

Are you sick of being this person? Or do you want to nip your debt challenge in the bud before you become this person?

Then the Simple Guide “Be Debt Free!” is for you.

On the other hand, if you want to suffer a bit longer and continue to postpone the inevitable day of debt reckoning and perhaps spend your senior years in your adult child’s basement re-watching “Free Willy” interminably with your grandchildren, then you’re not ready for “Be Debt Free!” I’m not worried; you’ll be back one day. I hope in time.

There Is No Debt Freedom Magic Wand

Many of the people I’ve known with too much debt appear to be waiting for the Debt Fairy to come along, wave his magic wand, and “poof”: their debts evaporate.

That’s not how it works. Paying off debt takes time, and it usually takes sacrifice. (For one real life example, read “Huge Debt Paid Off!”) Some people have debt because of unforeseen hardships like an extended layoff or uninsured medical costs. But most, I think, simply spend more than they earn, for a long time. To pay off their debt, these people have to do the reverse: earn more than they spend, and enough more to make room in their budget for a meaningful debt payment. Usually it took years to build up their debt, and it will take years to pay it off.

Oops, there I went and used that unpleasant “b” word: budget. I know—budgets conjure images of receipts and spreadsheets and calculators and counting pennies and guilt and tedium and, worst of all, financial discipline. Ick.

Yep, if you’re in debt because of years of spending, shall we say, wildly, then debt repayment mode is going to feel mighty strange and uncomfortable. It’ll be a shock to your well entrenched system. Well, you have two choices: resolve to accept feeling strange and uncomfortable, or keep waiting for the Debt Fairy and his magic wand and plan for that basement life in your kid’s home after you’re too old to earn money.

My Debt Freedom Pledge to You

The Simple Guide “Be Debt Free!” walks you step-by-step through the best system for repaying your high interest debts. How do I define “best?” Like this: You will repay your debts

1. with less cash, and
2. faster

than through any other debt repayment method. What else matters?

Does the “Be Debt Free!” system make repaying debt easy? Nope. Just effective. You do the work, and you will witness the closest you’ll ever get to that magic wand: your total debt dropping faster and faster over time, and a steadily rising credit score as a bonus.

Click the image below to learn more about “Be Debt Free!” No charge to take a look. 🙂



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