Debt Series: How to Pay Off Debt

Brent Pittman —  08/20/2012 — 8 Comments
Debt eraser

Erase your debt. Credit Images_of_Money

Paying off consumer debt is an important cornerstone to winning with money.

If all the money is exiting, then it can’t earn interest or dividends, be invested in a new business venture, or given away to worthy causes. Debt

I’ve written a good bit about debt that will help you on your way to becoming debt free. You can become debt free and achieve the financial freedom you’ve always wanted.

Before embarking on a journey to paying off consumer debt (credit cards, student loans, auto loans, etc) start budgeting [Budget Like a Pro] and have a small emergency fund of $1000 in place.

Debt Series: How to Pay Off Debt

What is a Debt Snowball? + Debt Snowball FAQ- This is a key post to paying off debt. If you don’t read anything in the series, read this article.

Should I Declare Bankruptcy? If you are under a mountain of debt and considering bankruptcy, this is a must read.

Pay Smaller Debts First: Dave Ramsey Was Right- What order to pay off your debts? Should interest rates matter? This article will answer these questions.

Credit Cards and Scissors- Do the unthinkable and cut up those credit cards.

Why Pay off Student Loans Early?- I get asked this question often, so I share why I suggest paying off your student loans early and including in your debt payoff plan.

Debt Free Stories (Debt Free Success Stories)- Think you can’t do? You can! This is a large and growing collection of families who have paid off their debt.

Zillions of Way to Make Money- Need an income boost to pay off debt? This article has hundreds and hundreds of ways to make extra money to apply towards debt.

Life After Debt: Surprise it’s Awesome!   - Yes, it is and I share why being debt free is awesome!

This is a growing series of articles on eliminating debt. What articles about debt would you like to see included?

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Brent Pittman

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Brent is a financial coach and writer looking for the perfect donut. He believes personal finance should be both fun and accessible to anyone willing to learn.
  • AverageJoe

    Nice list. I don’t know what I’d include beyond these. You have what appears to be a well-rounded group of posts on the topic.

    • http://www.ontargetcoach.com/ Brent Pittman

      Thank you sir. Considering including mortgage debt, but that might be a whole separate series.

  • krantcents

    My only debt is my mortgage up to recently and now a car loan too. My mortgage is a 15 year mortgage that I am paying off early to coincide with retirement in 5 years. My carloan is a 5 year loan at 1.99%, but I am paying it off in 4 years.

  • http://www.ontargetcoach.com/ Brent Pittman

    Maria,
    You seem to have a good handle on your debt payment. It’s going to take a good argument to convince me that debt is a good idea ( I know mortgages are hard to avoid). Though, I’d love to read what you come up with.

    I come at this issue as a coach in the trenches talking to people each week in debt. I rarely deal with theories, but focus on what works for the majority of those with money troubles.

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  • michellesolvent

    Brent, great work on this blog! We have been debt free but now owe $5,300.00 (from major car repairs on a vehicle we own which is worth $12,000.00. We put this $5,300.00 on our only credit card, an American Express which does not allow payments (good thing as we have to pay it off every month). We did get one thirty day late on this Amex card back in January which brought our credit down from excellent to only good at a score of 750. We only have $7,200.00 in our checking account. I say bite the bullet and pay it all now, it’s due April 26th. My husband (who’s an actor and doesn’t have fixed income, it’s very variable) wants to open another credit card which allows payments and transfer the balance, that way we can pay it off slowly and leave more in the checking account. I’ve called several credit card co’s, and they want an interest rate right off the bat!! NO WAY!! “What would you and Dave do?”

    • http://www.ontargetcoach.com/ Brent Pittman

      Michelle, wow! $5,300 for car repairs seems like a lot–what happened? First, I don’t know your total financial situation so I will speak in general terms.
      1) I would say that those with a variable income need a larger emergency fund.
      2) Transferring debt won’t solve the root problem, it only gives a short term relief.
      3) Your credit score is the least of your concern–your debt, monthly budget, and income are a much higher priority.

      If you’d like to give more details I can help answer your question in the public forum or you can contact me directly brent (at) ontargetcoach (dot) com

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