• Lower your monthly payments
  • Reduce stress and live your life
  • Avoid personal bankruptcy court

How do you plan to get out of debt? Win Debt Cures and Total Money Makeover

Hello-

Tell me how you plan to get out of debt.  I want to help others get out of debt.  Share your plan for getting out of debt or how you have freed yourself from credit card debt and hopefully it will inspire others who are struggling to get out of debt themselves.

The best story gets a free copy of Debt Cures AND The Total Money Makeover!

I will run this contest for a month and at the end of that month I will announce the winner here in this post and send you a free copy of both Debt Cures AND The Total Money Makeover.

So send in your best tips and plans for getting out of credit card debt, reducing what you owe, lowering your interest rates, etc.

Thanks and have a great day!

Looking forward to your helpful submissions.

-Adam

Debt Cures Reviews

My Debt Cures story

Hello-

Today, I wanted to tell you more about my Debt Cures story. Another title would be, “how I got rid of almost $3000 of credit card debt in the past two months”.

Using tips from Debt Cures and The Total Money Makeover, I have paid off almost $3000 on my credit cards. I have also saved up $1000 for my emergency fund. I have kept the interest rate on one card from doubling. Reading Debt Cures and running this reviews site has made me more aware of things to look for when dealing with credit card companies.

Just a couple months ago, Bank of America mailed me a letter that was going to double my interest rate. I had to respond to to keep my rate from doubling. I was pissed. Here I was, making all my payments on time and this is how they repay me.

I have been a customer with them for almost 8 years and made all my payments on time but they still tried to double my interest rate.

This is why you need to pay attention to your credit card statements. They can try and sneak these changes on your account with very little notice and if you don’t pay attention, they can screw you over again and again.

Ok, so how did I pay off $3000 of credit card debt in 2 months?

I used the debt snowball method which is outlined in Dave Ramsey’s The Total Money Makeover. I am paying the lowest balance card first even though it does not have the highest interest rate. Just the relief of getting one card paid off will lift a big burden off my shoulders.

I stopped charging stuff on my credit cards.

There were several times where I wanted to buy stuff and “slapped my own wrist” because I am trying to get out of debt and it’s hard to do that when you keep charging stuff. My computer was running slow one day and I thought about buying a new one. My brother works for a PC company so he ordered me one and I paid him. After a few days, I had buyer’s remorse. I decided I really didn’t need that new computer and I could make do with the one I have now. So I ended up giving it to my sister and she paid for it. The $500 was then sent to my credit card company instead of for a new PC. I felt much better.

I have also been paying cash or using my debit card for most purchases nowadays.

I have also been working more developing websites which bring in income and have allowed me to pay more to my credit cards.

It takes discipline to get out of debt. If you work hard and smart on it, you can get out of debt rather quickly.

Debt Cures and The Total Money Makeover have helped me be more aware of my finances and helped me get on the debt free path.

Thanks and have a great day!

You can send in comments about how you are getting out of debt to help inspire others to do the same.

-Adam

Debt Cures Reviews

How to get out of debt

Hello-

Kevin Trudeau, Dave Ramsey, Suze Orman – they all want you to get out of debt. That’s why they write books like Debt Cures and The Total Money Makeover. Sure, they make money selling books, but they also would like to see those books help you so that they can sell more books later. If their books were worthless, people would stop buying them. They try to provide you useful information that can help you solve your debt and money problems.

Millions of people are in debt up to their eyeballs and they want a way out. Many of the times, people want a fast and easy way out. Why else would a book with a title of “Debt Cures” be so appealing – you can cure your debt problems overnight. It just doesn’t work that way most of the time.

So how do you get out of debt? Everyone knows the answers – spend less than you earn, make more money, stop using credit cards, live below your means, if you cannot afford to pay cash for something, don’t buy it. The list goes on and on.

In the future, I’ll post some more tips from Ramsey’s and Trudeau’s books but with this post I wanted to talk to you about your car. I used to work at an insurance company a couple years ago. I worked there for about 4 years. Everyday, I would talk to people who wanted to add a new car to their auto policy and take off the old one.

I would be amazed at people who would call in and ask why their insurance rates went up when they just added a brand new 2008 Honda and took off the 1997 Honda. “It has all these new safety features,” they would tell me. And my reply would be, “well yeah!, but those new safety features cost more to fix if you’re in an accident!”

And then after we finished making the changes they would go talk to the bank about the financing for their brand new automobile. A few months later, the customer would call in saying they were having trouble making their payments and wanted to see if we could help them out. Some times we could and some times it was too late.

What’s the point of all this Adam?

The point is that if you always have a car payment to make because you want a nice shiny new car every few years, you’re not going to have much extra money left over at the end of the money to pay your bills or save for retirement. If you’re always shelling out $300, $400, or $500 a month or more each month for a car payment plus another $50-$200+ a month for insurance, you’re going to have a hard time getting out of debt.

How much faster would your debt go down if you could add an extra $700 a month to your credit card payments? In one year, that would be an extra $8,400 you could apply to your credit card debt. How long would it take you to get out of debt?

So what’s the answer?

Don’t buy a new car. There’s tons of certified used cars out there that will work just as well as the nice smelling new ones. It requires sacrifice to get out of debt. You have to be willing to change your habits to pay off your debt. Wait an extra year or two before you rush out and buy the latest and greatest offering from Toyota or Chevy. See what it’s like to not have a car payment for a year or two. See how much more money you’ll have each month when you don’t have to pay so much each month for your nice smelling car.

I have never had a car payment. I have never had a new car. All the cars I’ve bought, I’ve paid cash. Yes, that means I drive a 1994 Toyota Camry.

But then I don’t have to complain about making my big car payments each month along with the high insurance rates.

In the Millionaire Next Door, Dr. Stanley talks about this very same idea. Most millionaires don’t go out and buy new cars every few years. There are some that do but the majority are frugal and do not. Warren Buffet, one of the richest men in the world, still drives an 2001 Lincoln Town Car with the license plate of “Thrifty” on it.

Dave Ramsey also mentions it in The Total Money Makeover.

Think about it. Do you want to get out of debt or do you want a new car with a new car payment?

Have a great day!

-Adam

Debt Cures Reviews