Comments on: Plan for How to Get Out of Debt Fast http://www.mytwodollars.com/2011/02/09/how-to-get-out-of-debt-fast-plan/ A place to discuss money...for the rest of us. Thu, 24 May 2012 23:41:30 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: MyMoneyMesshttp://www.mytwodollars.com/2011/02/09/how-to-get-out-of-debt-fast-plan/#comment-38265 MyMoneyMess Fri, 11 Feb 2011 00:52:42 +0000 http://www.mytwodollars.com/?p=2630#comment-38265 Absolutely the most important point is spend less than you make. No matter what else you might be doing to try to get out of debt, if you fail at spending less than you make you fail at getting out of debt. Absolutely the most important point is spend less than you make. No matter what else you might be doing to try to get out of debt, if you fail at spending less than you make you fail at getting out of debt.

]]> By: tmgbookshttp://www.mytwodollars.com/2011/02/09/how-to-get-out-of-debt-fast-plan/#comment-38257 tmgbooks Wed, 09 Feb 2011 15:45:07 +0000 http://www.mytwodollars.com/?p=2630#comment-38257 I linked over from Pf Blogs; the issue of debt repayment is something of a sore spot for me and, man, did you hit the spot! Too many of us in society manage our affairs like spoiled kids even though we are of adult age. The most infantile of all personality traits is the need for instant gratification. You want what you want and you want it now even though you can't afford and really don't even need it! So, you whip out the plastic and there you have it -- credit card debt. Then, one day, you come to your senses and decide it's time to get rid of your CC debt but wherever you go there you are -- and with the same mindset of wanting instant gratification, you want to get out of debt NOW! Carrying a balance on one or more credit card is only a symptom of the larger underlying issue; that issue is spending more than you earn. There are other symptoms as well such as living paycheck to paycheck but the most problematic is that when you spend more than you earn, there is nothing left to save and usually no savings, either. You only have so much money and being in debt is, on a scale, not as bad a financial situation as having no savings. Before you send one dollar more than the minimum to Visa or MasterCard, you should be saving at least 10% of your income. Failing that, the next time you hit a financial bump in the road your only recourse will be to resort back to credit. Most people who are in debt, cannot, in fact, afford to "get out of debt fast." I linked over from Pf Blogs; the issue of debt repayment is something of a sore spot for me and, man, did you hit the spot!

Too many of us in society manage our affairs like spoiled kids even though we are of adult age.

The most infantile of all personality traits is the need for instant gratification.

You want what you want and you want it now even though you can’t afford and really don’t even need it! So, you whip out the plastic and there you have it — credit card debt.

Then, one day, you come to your senses and decide it’s time to get rid of your CC debt but wherever you go there you are — and with the same mindset of wanting instant gratification, you want to get out of debt NOW!

Carrying a balance on one or more credit card is only a symptom of the larger underlying issue; that issue is spending more than you earn.

There are other symptoms as well such as living paycheck to paycheck but the most problematic is that when you spend more than you earn, there is nothing left to save and usually no savings, either.

You only have so much money and being in debt is, on a scale, not as bad a financial situation as having no savings.

Before you send one dollar more than the minimum to Visa or MasterCard, you should be saving at least 10% of your income. Failing that, the next time you hit a financial bump in the road your only recourse will be to resort back to credit.

Most people who are in debt, cannot, in fact, afford to “get out of debt fast.”

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