Comments on: Take Control of Your Finances Part 6: Get Out of Debt http://www.consumerismcommentary.com/2008/11/21/take-control-of-your-finances-part-6-get-out-of-debt/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sat, 21 Nov 2009 16:42:00 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Sammy Ashouri http://www.consumerismcommentary.com/2008/11/21/take-control-of-your-finances-part-6-get-out-of-debt/#comment-186291 Sammy Ashouri Mon, 24 Nov 2008 14:59:57 +0000 http://www.consumerismcommentary.com/?p=4667#comment-186291 Great post. In a bit of a pickle right now with CC debt and I hafta pay 'em off by March... definitely already implemented a system to make sure I'm on track, but with the way my stock portfolios been going, I'm worried I don't exactly have a "backup plan", so I NEED Plan A to work. Great post. In a bit of a pickle right now with CC debt and I hafta pay ‘em off by March… definitely already implemented a system to make sure I’m on track, but with the way my stock portfolios been going, I’m worried I don’t exactly have a “backup plan”, so I NEED Plan A to work.

]]> By: dawn http://www.consumerismcommentary.com/2008/11/21/take-control-of-your-finances-part-6-get-out-of-debt/#comment-186271 dawn Sun, 23 Nov 2008 23:02:10 +0000 http://www.consumerismcommentary.com/?p=4667#comment-186271 For most of this year - I've said a little prayer of thanks each night, in gratitude for Craig and I eliminating all our consumer debt (other than mortgage & a bit of student loan debt) when we did. We would be hurting now, if we hadn't. Even though we live rather simply ... it is hard to stretch a blue collar income in the times we live in. We have also managed to amass a significant emergency fund ... which will keep us from acquiring any new debt. You are so right - debt is indentured servitude ... and the worse part is, it is self-induced! For most of this year – I’ve said a little prayer of thanks each night, in gratitude for Craig and I eliminating all our consumer debt (other than mortgage & a bit of student loan debt) when we did.
We would be hurting now, if we hadn’t.

Even though we live rather simply … it is hard to stretch a blue collar income in the times we live in. We have also managed to amass a significant emergency fund … which will keep us from acquiring any new debt.

You are so right – debt is indentured servitude … and the worse part is, it is self-induced!

]]> By: Anonymous http://www.consumerismcommentary.com/2008/11/21/take-control-of-your-finances-part-6-get-out-of-debt/#comment-186269 Anonymous Sun, 23 Nov 2008 19:56:53 +0000 http://www.consumerismcommentary.com/?p=4667#comment-186269 I definitely agree that not everyone with a college degree or in my case masters degree earns a lot of money. I went into the counseling field and earned next to nothing. I don't regret it and I am not in debt probably because I love saving money. I definitely agree that not everyone with a college degree or in my case masters degree earns a lot of money. I went into the counseling field and earned next to nothing. I don’t regret it and I am not in debt probably because I love saving money.

]]> By: M Dasko http://www.consumerismcommentary.com/2008/11/21/take-control-of-your-finances-part-6-get-out-of-debt/#comment-186266 M Dasko Sun, 23 Nov 2008 07:56:48 +0000 http://www.consumerismcommentary.com/?p=4667#comment-186266 I like how you mentioned the need for emergency savings, as they are extremely vital even when paying down debt. People need to understand that debt is like fat. It took you a long time to build up the fat/debt and now it will take probably just as long, most likely longer to get rid of the high amount of fat/debt you have acquired. One thing I have written about my blog in the past is debt ranking. People must rank their debt in order to figure out which debt they should start paying off first. I like how you mentioned the need for emergency savings, as they are extremely vital even when paying down debt. People need to understand that debt is like fat. It took you a long time to build up the fat/debt and now it will take probably just as long, most likely longer to get rid of the high amount of fat/debt you have acquired. One thing I have written about my blog in the past is debt ranking. People must rank their debt in order to figure out which debt they should start paying off first.

]]> By: Andrew Chilton http://www.consumerismcommentary.com/2008/11/21/take-control-of-your-finances-part-6-get-out-of-debt/#comment-186251 Andrew Chilton Fri, 21 Nov 2008 23:12:52 +0000 http://www.consumerismcommentary.com/?p=4667#comment-186251 Agreed. Paying off debt, getting out of debt or even not getting into debt in the first place is the key to taking control of your finances. It leads to a better understanding of both your incomings and your outgoings and also then how much you can put into savings, stock plans or retirement. Agreed. Paying off debt, getting out of debt or even not getting into debt in the first place is the key to taking control of your finances. It leads to a better understanding of both your incomings and your outgoings and also then how much you can put into savings, stock plans or retirement.

]]> By: MWM http://www.consumerismcommentary.com/2008/11/21/take-control-of-your-finances-part-6-get-out-of-debt/#comment-186244 MWM Fri, 21 Nov 2008 20:24:56 +0000 http://www.consumerismcommentary.com/?p=4667#comment-186244 Great post. I think the most important step is that $1000 for the initial Emergency Fund. For years we used credit as our EF and it did nothing but get us further into debt. Avid fan of Dave Ramsey's Financial Peace program. Great post. I think the most important step is that $1000 for the initial Emergency Fund. For years we used credit as our EF and it did nothing but get us further into debt. Avid fan of Dave Ramsey’s Financial Peace program.

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