Moolanomy weekly roundup #2: “Dealing With Debt” edition

By Pinyo, on August 5, 2007

Trying to build wealth while you are in debt is like running on a treadmill. At best, you will get a good exercise running to nowhere. At worst, you might fall off and hurt yourself. In this round up, I search through the personal finance Blogosphere and found some great posts about dealing with debt.

Zen Habits offered 73 Great Debt Elimination Tips. Great big list, I am sure you can find at least a few that will be applicable to your situation. I already found a couple dozen that are applicable to mine.

The Simple Dollar shared The Debt Entrapment: When Your Debt Forces You To Stay At An Untenable Job. This is a sad story about a man named Will. The post went on to say how terrible it is to be trapped by debt, and gave us a few hints on how to escape this entrapment.

Get Rich Slowly wrote How to Get Out of Debt. A story about a recent college graduate named Nick who owes $8,000 in debt. Here the author detailed 3 steps to get out of debt.

No Credit Needed gave us a test called Am I Really Ready To Get Out Of Debt? If you can answer “YES” to these 7 questions, you are on the right path to rid yourself of debt and grow your wealth.

Gather Little By Little outlined How To Get Your Finances Under Control – Step 6 Get Out of Debt. I love the family tag teaming to destroy the evil Credit Cards, and the Debt Snowball idea. Also, there are a ton of good tips toward the end of the post.

American Consumer News gave us How to Eliminate Your High-Interest Consumer Debt. Here, you can find a good trick to consolidate your high interest debts into one lower-interest personal loan through your local Credit Union. This takes a bit more work, but should work better than Debt Consolidation offerings.

Money, Matters, and More Musing shared How I Killed My Debt and What I Learned From it. This is a nice illustrative story that shows how Golbguru got out of his debt problem.

Lastly, Clever Dude wrote When you put your mind to it… and shows us how he reduced his debt by $58,153 in 2 and a half years. Way to go Clever Dude!

I hope these articles will help you dealing with your debt.

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Pinyo is the brain behind Moolanomy personal finance blog and a few other web sites. If you like this article, please subscribe for free daily email updates.

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