Getting out of Debt Series - 7 Steps to getting out of debt
Are you looking for help getting out of debt?
Great, I think you have come to the right place. At the time of this writing, I am right there with you on this journey to break free from the “slavery” that the Bible calls debt (Proverbs 22:7). It is not easy, but it also isn’t that difficult either. Over the last two years my wife and I have paid off nearly $30,000 in consumer debts from some mistakes that we made in the past.
The 7 steps that I am going to take you through are things that we did to pay down our debt or we would have done if we had the opportunity. Each article is fairly long, so you can feel free to bookmark it and come back later or use the print button towards the bottom of each article to print them out.
If you are serious about getting out of debt, I recommend that you read each article, even though the first two are a bit less practical than the last five. I believe that they the first two include the keys to successfully getting out of debt.
The 7 Steps to getting out of debt
- Getting out of Debt (Step 1) - Realize it is not about you
- Getting out of Debt (Step 2) - Open your mind
- Getting out of Debt (Step 3) - Create a balance sheet
- Getting out of Debt (Step 4) - Quit spending
- Getting out of Debt (Step 5) - Cut expenses
- Getting out of Debt (Step 6) - Make sacrifices
- Getting out of Debt (Step 7) - Snowball your debt
If you go through these articles and just do some of the stuff mentioned, you are going to be in much better financial shape than you were before. But, I recommend that you sit down with each article and really spend some time with it. The last five articles are going to require some actions on your part. So, spend a couple weeks and make getting out of debt your new hobby and work hard at it! You will be rewarded for your efforts!
So get ready, the series starts on Monday! If you want to make sure not to miss any, you can subscribe to the free email feed and they will land in your inbox each day!
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Filed under Ways to get out of Debt
Comments on Getting out of Debt Series - 7 Steps to getting out of debt »
Hi,
I love your seven steps to get out of debt. Once my site gets going, I hope you don’t mind if I send my readers to you. Thanks for a wonderful article.
Evelyn
not at all… and just to be clear - each one of those steps is going to be a full article over the next couple weeks…
Okay, I’ve got a problem! I had to move recently and didn’t have enough money to get into a standard monthly rental.
So I got into a WEEKLY rental with lower move-in costs. Unfortunately, this costs more on a monthly basis than a comparable, more conveniently located, less crowded (nine people in the house, including a kid) house or apartment.
So now I’m in a Catch-22. Because most of my minimum wage income is going to pay rent, I can’t save up money to move into a cheaper monthly rental. Which means I continue to pay a ridiculous porportion of my income for rent.
How do I get out of this financial trap?
p.s. This is a GREAT business model for the owners of this house: They rent out 5 bedrooms at $150 per week, generati8ng more than two times their mortgage payment. Also, renting rooms by the WEEK with a low move-in cost allows them to quickly fill vacancies, keeping the rent dollars rolling in. I’ve lived here several months and estimate the vacancy rate at 5 percent tops. Where can I get on the other side of this business model?
@broke
as Dave Ramsey would say, you have an income problem. YOu need to find a way to generate more income. If that means getting a second job then that is what you have to do - but from what you wrote, you realize what you need to do, now you just have to make some extra cash to make that happen
I seem to be unemployable, if nobody will hire me I don’t know what I can do about that.