Get the #^&% out of Debt!

I am a firm believer that if you see debt you should run the other way as fast as you can. Debt is not a tool for success, debt only increases your risk of failure. It truly imprisons you and holds you back from your financial goals. In Proverbs 22:7 it says, "...the borrower is slave to the lender." So obviously the bible despises debt as well. Why would someone choose to be enslaved in order to buy something they can't afford? Yet so many of us do it and figure it is just a way of life.

Well I have finally woken up and realized how stupid debt is. Especially credit card debt, the interest rate on some of those things are ridiculous and I am so happy that I never got one. Unfortunately before I had my awakening I did take out some student loan debt but thank God it was only about $10,000 worth. They are still in their grace period so they are not incurring interest yet but they will soon. I am going to fight so hard to get out of this enslavement of Sallie Mae and you will see a post in the near future proclaiming that I am debt free.

Dave Ramsey in Financial Peace University suggests six things that you can do to get out of debt:
1) Stop Borrowing Money
2) Save Money
3) Pray about it
4) Sell Something
5) Get a Part Time Job
6) Understand the Debt Snowball - This is how you systematically pay-off all of your debts from smallest to largest. It's called the debt snowball because after you pay off the smallest you add that payment to your next largest debt. Every time you knock off another debt the payments you attack it with get bigger and bigger until you have no debt at all.

The favorite book on this subject is the Total Money Makeover by Dave Ramsey. It really opened my eyes to how money really works.

Millionaires don't have debt, and soon I won't either.

--A Future Millionaire