In addition to the challenge, I'd like to talk about paying off debt today. If you have more than one debt - maybe a couple of credit cards, a car loan and a mortgage, or something similar to that, I think using the snowball method will help you pay that debt off. Dave Ramsey is credited with coming up with the snowball method but there is a very good example of it on Wikipedia here.
I know, because I've done it myself, how difficult it is to pay off debt. It goes on for years. I think the trick is to keep looking for different ways to pays it off so you feel like you've got control of it and you're doing something. So all these little bits and pieces take your mind off the length of time it takes and focuses you on all the small ways there are to pay it back.
I know, because I've done it myself, how difficult it is to pay off debt. It goes on for years. I think the trick is to keep looking for different ways to pays it off so you feel like you've got control of it and you're doing something. So all these little bits and pieces take your mind off the length of time it takes and focuses you on all the small ways there are to pay it back.
Go back to your tracking records too and see what non-essential spending you're willing to give up. That can be added to your debt payments. It's really satisfying to see the amounts you owe go down every month. The banks don't want you to do it, because it means much less interest for them, but you can do this, it will make a real difference to your life, so stick with it.
Of course, it is you who has to put in the effort here. I can talk about it till the cows come home but if you're the one with the debt, it is up to you to make that first step towards accelerating your payments. There is only so much time you can sit in front of your computer and think about making a difference at some point you either have to do it, or decide that you can't and be okay with that.
What have you done with your own loans? If you have some ideas on ways to pay back loans, please share them in the comments section.
What have you done with your own loans? If you have some ideas on ways to pay back loans, please share them in the comments section.