Comments on: Get Out Of Debt For Good

By: –› Switching from Satellite to Cable… Again!

–› Switching from Satellite to Cable… Again! — Wed, 23 Sep 2009 18:10:13 +0000

[...] Get Out Of Debt For Good [...]

By: Prime Targeting

Prime Targeting — Thu, 23 Jul 2009 05:16:57 +0000

Thanks for sharing such great post, according to me after getting out of the debt trap you’ll be tension free, but for that you have to list out your expenses and try to remove all that which are not necessary. On the other hand you can find some other way to earn extra income and save it in safe manner. By following all this ways you can boost your credit score and get out of debt.

By: Debt Reduction-Financial Planning Guide Step 10 | Financial Highway

Debt Reduction-Financial Planning Guide Step 10 | Financial Highway — Mon, 29 Jun 2009 09:02:35 +0000

[...] Resources The internet is filled it great information on how to get out of debt, Moolanomy’s Get out of Debt for Good is a good place to start. If you need more help and resources check out JD’s Get Rich Slowly Get [...]

By: Carnival of Debt Reduction - Learn Some Investing Basics

Carnival of Debt Reduction - Learn Some Investing Basics — Fri, 19 Jun 2009 00:44:34 +0000

[...] presents Get Out Of Debt For Good posted at Moolanomy Personal [...]

By: Pinyo

Pinyo — Thu, 11 Jun 2009 13:43:49 +0000

@Mikael – Of course. I wasn’t even thinking real estate when I was answering your original question. If your finances allow it, this is probably as good a time as any to invest in real estate and leveraging other people money to build wealth.

By: Mikael @ Retire Rich

Mikael @ Retire Rich — Wed, 10 Jun 2009 19:56:02 +0000

I’ll have to disagree with you. Yes it can be difficult to get a loan but because of this there is also so much more opportunities out there since the amount of competition has declined.

With a lack of competition prices drop and even more money can be made. Sure you can’t borrow from a bank and put money into another bank and hope to make a profit but who says anything about earning interests?

There are hundreds of ways to make a lot of money using other peoples money and one of the most obvious is to buy real estate in these declining markets.

Yes you will know what you’re doing but that goes for EVERY investment available.

Buying rental property cheap and renting it out (which is also a lot easier in a market where people can borrow money to buy) can be a very lucrative business.

What I suggest that people do is find someone that is successful TODAY and learn from them. There are lots and lots of money to be made but you might want to change your approach and not rely on “everything going up by default”.

/Mikael

By: Pinyo

Pinyo — Wed, 10 Jun 2009 19:13:26 +0000

@Mikael – I hear what you’re saying and if I can borrow at 5% to earn 10%, I would do it. However, these deals are pretty hard to come by, especially now.

By: The Lean Times » Blog Archive » Where is the UK Dave Ramsey???

The Lean Times » Blog Archive » Where is the UK Dave Ramsey??? — Tue, 09 Jun 2009 13:31:49 +0000

[...] I have been looking at my fellow UK based PF bloggers and not many of them talk about getting out of debt permanently. Please correct me if I am wrong but the only article I could find was from Moolanomy, who did a great post entitled Get Out of Debt for Good. [...]

By: Mikael @ Retire Rich

Mikael @ Retire Rich — Mon, 08 Jun 2009 16:15:05 +0000

@Pinyo, and that is a good point but why would you want to ever get rid of good debt?

If I could make more money by using other people’s money I would any day.

/Mikael

By: Pinyo

Pinyo — Mon, 08 Jun 2009 14:43:44 +0000

@Mikael – I have a post about it. Basically, the concept of good debt and bad debt is no longer relevant once you acquire them. Once you are in debt, all that matter is expensive debt versus cheap debt. For instance, I would get rid of good debt with an interest rate of 10% before I get rid of bad debt with an interest rate of 4%.