Debt Is Slavery
The whole reason I started this blog in the first place was to motivate both myself and anyone who came across it to get out of debt and realize that no matter how far in debt you are, you can get out.
I cannot tell you how much lost sleep I have had over my debt. Debt is like a trap, it is so easy to walk into it and it is so dang hard to get out of it.
There are credit card offers for people with bad credit, people who were in bankruptcy, and people who are just plain broke. The worst thing about them is they are the highest interest and highest fee credit cards there are.
The best advice can be found in the SNL skit “Don’t Buy Stuff You Can’t Afford” and from Dave Ramsey.
I do not recommend getting a credit card to help establish or build your credit. You don’t need credit for anything but to buy a home and even then you can get a loan with manual underwriting where your credit score is not the deciding factor.
Once I pay off my current debt, I will never touch debt again for any reason or in any circumstance. There is nothing I want or need bad enough to go in debt for.
Progress Overview
Amy-You are so right, my husband and I have been married for almost 8 years now, and when we were first married we had 1 credit card with a $300.00 limit and we thought that was alot! Oh, those were the days. We now have $26000 in credit card debt, and I really cannot even tell you where it all went. We did have a 1 year where things were so tight that we depended way too much on them just for the basics, gas, groceries, etc…but now, we rarely use them, they just sit there with debt on them and I just making the minimum payments. Once we are out of this hole, I will never dig it again. Thank you though for all you inspiring words!
I never get tired of seeing that SNL skit.
Amy, i’m right there with you about debt, i’m never going to touch credit cards again and if I do its only to cut them with scissors.
That is why I am trying to tell my Hispanic people to stay away from debt as well. We tend to live it up when it comes to finances.
The road to wealth is narrow, the road to debt is wide, glad you are on the narrow road with me.
I totally agree with you. I think credit cards can ruin your life. Especially the young people just starting out and getting their first credit cards. Sure it’s exciting but they need to realize that a credit card is not “free money”.
I cut up my credit cards years ago. Nowadays you can use a debit card for online purchases or car rentals and there is really no need to have one. Unfortunately the credit card companies target everyone from college students to people newly emerging from bankruptcy. Like the SNL skit says, don’t buy things if you don’t have any money. Too funny!
That SNL skit is a classic. Sorry we haven’t seen you around much. Hope your health is improving. How are the earnigns going with the ecomony being so bad right now?
Family Man,
Thank you. My health is slowly improving as I eat a mostly raw food diet of fruits and veggies.
My income is actually not doing too bad despite the recession. I am going to knock on wood though.
I totally agree with you that debt is a trap. It’s amazing how many people ‘accept’ it as the norm today. Our grandparents would roll over in their graves. We knocked out over $100,000 in less than four years. We do not have a mortgage payment nor auto loans. They are all gone, gone, gone! My wife stays at home with our five children too. One of our purposes in life is to teach others how we did it. Financial problems is a leading cause of divorce in this nation (U.S.). Knowledge applied is powerful!
Wayne Larimore
http://DebtFreeFiveKids.com
Amy, have you seen the movie “Maxed Out”. It goes behind the scenes and tells stories about credit card sharks. Good rent! Dave Ramsey comes out on it as well.