How I'm Paying Off $100,000 of Debt

kimbess | Oct 3, 2011 |

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How to Make Getting Out of Debt Possible

Tips from Someone Who Is Actually Getting Out of Debt

It has been a long journey (emphasis on the long). I graduated from college in 2008 and since then I have been on the path to pay off my loans and credit cards. One thing that I can tell you about getting out of debt is that it takes a lot of focus and discipline. Some people are not as intense about getting out of debt and take much of their adult lives to repay their creditors. What you decide to do is your own personal decision. I want to get out of debt relatively quickly so that I save money on interest and free up my income for other things like travel and buying a home. The ideal of taking more than 10 years to get out of debt is highly unappealing. Okay, enough of my opinions! Here's what I'm doing to get out of debt::

I found the right plan for me. There are so many books and personal finance gurus out there. Read as many books as you can to develop your plan and stick with it. My favorite guy is Dave Ramsey. Dave Ramsey is ultra-conservative and old school when it comes to managing money but his plan works for me. It doesn't matter who you choose, do your research and make a plan. Another blog that I love is Ramit Seithi's I Will Teach You to Be Rich. I have read his book and suggest it as well. His blog is a lot of fun.

Once you've mapped out your plan you need to focus on ways to increase your income. If you plan on getting out of debt any time soon, you must increase your income. Your income is perhaps the best thing you to do to get out of debt fast. There are many things you can do to increase your income. One thing that I've been doing to make more money is write articles. This article is an example of the types of articles I write to make more money. I love to write and have been doing it my entire life. My suggestion is to consider you unique gifts and talents and explore ways that you can monetize that gift. Google "how to make money with" your particular gift or talent to see what comes up.

I'm not going to lie and tell you that getting out of debt has been a walk in the park for me because it hasn't been. Simply developing a plan and sticking with it has given me a lot of peace of mind and allowed me to make progress. Well, I hope these resources are helpful. Becoming debt free doesn't have to take an eternity, make up your mind, take action, and watch the perfect plan for you unfold in front of your eyes!