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Become Debt Free
Career & Finance: Debt Management

Why do you want to do this?

I want to be free of debts so I can concentrate on my foundation without worrying not having enough savings.

What three things will you need to make this happen?

I need to generate more income in the next 3 years.

Creating a plan to minimize my spending and monthly bills.

Be frugal in my spending and use coupons and buy discounted items.

What is the biggest barrier to your achieving this?

My biggest barrier is limited income.

3/14/2011 12:10:35 AM

My biggest debts are student loans.  I have paid off my last credit card and in the process of reviewing my credit so I can pay off any other remaining debts beside my student loans for now.  The student loans will be the last to be paid.

3/14/2011 7:39:13 AM

This is such an awesome goal.  Very liberating.  And it looks like you've already made great progress on working your way through it.   The 'Snowball Plan' worked for me. Maybe it'll help you too.  Here's the link:  

http://www.daveramsey.com/article/get-out-of-debt-with-the-debt-snowball-plan/lifeandmoney_debt

The beginning was a real challenge for me but it became exciting once I built up a bit of momentum.  The trick for me was putting myself on a 'cash only' system and not using credit any longer.  Best of luck to you and please keep us posted.  I know there are many others here working on the same goal.   

3/17/2011 1:16:43 PM

 Thanks Andrea.  I will definitely take a look at the article.  I too have gone cash only.  I started paying off from the highest to the lowest.  Normally people has done it the other way around.  Again, thanks for the advice.

3/17/2011 2:41:52 PM

No problem.  I'm sure you'll figure out the best way to tackle this one and now that you're putting your efforts into making headway.  Getting on the 'cash only' system really helped.  It was painful, but once the new habits were formed, it was easier to prioritize how the cash was spent.  Good luck!!   

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