Debt Elimination | Enemy of Debt: Where Behavior Meets Reality

Your Credit Score — It’s Not a Measure of Financial Responsibilty

Written by Brad Chaffee on February 7, 2012 · 1 Comment

If I received a quarter for every time someone told me I “needed” a credit score I would be super rich right now. There are many myths surrounding the credit score and believe it or not, it’s the financial world itself that continues to spread these myths. Ask any educated finance graduate if you need a credit score and you’ll most likely hear a “default” answer of ABSOLUTELY. Ask them why you need a score and not only are you likely to get an evil eye roll, the next words out of their mouth will probably be…ARE YOU KIDDING ME? [...] Read more »

Tags: building credit, building debt, credit, credit score, credit score myths, Debt Elimination, Fico Score, getting a mortgage, i love debt score, manual underwriting

Make Your Own Credit Card

Written by Ashley on February 1, 2012 · 6 Comments

I often meet with clients who are using credit cards to fund their daily life. With no money in savings credit cards have come through for them time and time again in emergencies. Their reluctance to get off credit is understandable. It's their friend. They know they can count on it. It's possible they have never had money is savings, credit has been their life line since they can remember. Credit is their crutch. Read more »

Pay Off Debt Faster by Using the Right Financial Tools

Written by Brad Chaffee on January 31, 2012 · 12 Comments

How many of you have a plan you consistently follow each month to pay off debt? Based on my own experience (before my wife and I got our financial heads together), I’d guess that many of you do not. I know the drill. You pay off a little debt here and a little debt there but it’s random and not based on any kind of written (or visual) plan. You make some progress and take a few steps forward but then suddenly find yourself taking a few more steps back. Some of you may even be paying just the minimum [...] Read more »

Tags: Debt Elimination, debt free plan, debt snowball, debt stacking, financial tools, motivation versus mathematics, pay off debt

An Open Letter to My Debt

Written by Jana on January 27, 2012 · 8 Comments

Dear Debt, I’ve waited 5 years to say these words to you—good riddance. I know you’re thinking that this is some sort of joke and I’m really about to burst into a Green Day song, but I assure you I’m not. I’m legitimately, once and for all, saying good riddance. You have caused me enough grief, frustration and sadness for two lifetimes. And I couldn’t be happier that you’re gone. We started out as friends. You were a constant presence in my life. It was comforting to have you because it was a reminder of the good times we had. [...] Read more »

Tags: dear debt, Debt Elimination, Debt free, debt letter, Personal Responsibility

Kids and Money – Credit Cards for 2 Year Olds?

Written by Brad Chaffee on January 16, 2012 · 21 Comments

Do you want your 2 year old “learning” to swipe a credit card? This Christmas Noah (our 2 year old) was given a Shop and Learn Cash Register. At first I was excited. The nerd in me eagerly opened it up and secretly drooled over the idea that Noah was going to start learning about money. It had buttons, sounds, lights, a working coin drawer, a scanner and groceries to ring up. Perfect fun right? Then I noticed it also came with a credit card. I’d rather it not have a card at all — debit or credit — but [...] Read more »

Tags: credit cards, Kids and Money, learning toys, money

What Paying Off Debt Taught Me About Myself

Written by Jana on January 13, 2012 · 7 Comments

I recently became non-mortgage debt free. This is a huge accomplishment and something that I am immensely proud of. It took a long time, too. Five years (just ask Lady Gaga. She thinks five years is a long time, too). Five years of cutting back, skipping vacations, forgoing home improvements, making do with what I have, shopping eBay and sales for pretty much everything…whatever you’re supposed to do to get out of debt, I did. Mostly. I’m not going to say that I was perfect during those 5 years, but I did the best I could. And I never thought [...] Read more »

Tags: financial lessons, getting out of debt

American Consumers Dive 5.6 Billion Dollars Deeper in Credit Card Debt in One Month

Written by Brad Chaffee on January 12, 2012 · 7 Comments

While some of us were saying No to Restaurants in November it seems others were saying YES to binge shopping sprees financed by credit card debt. In an article sent to me by my friends over at Impulse Save, consumers racked up 5.6 billion dollars in credit card debt in November alone. Judging by the shape of the economy (specifically unemployment) one would expect these numbers to be down so this is an astonishing statistic. The Time Moneyland article also shared Federal Reserve data that shows consumer borrowing skyrocketed by 20.4 billion and is the highest month-over-month increase in the [...] Read more »

Tags: 5.6 billion dollars in debt, black friday, consumer debt, credit card debt, holiday spending

The Psychology of Getting Out of Debt

Written by Brad Chaffee on January 9, 2012 · 22 Comments

One week ago many of you started working on your financial resolutions for 2012. Hopefully those of you with debt resolved to put together a solid plan to destroy it once and for all. There are many factors that go into the process of debt elimination but one that is often overlooked or underestimated is the psychological side. Anyone can say they want to become debt free but it’s our emotionally-driven behaviors and attitudes that will grant us final passage into the world of financial freedom. Math is only a very small component in the game of debt yet it’s [...] Read more »

Tags: action, Attitude, Behavior, Debt Elimination, getting out of debt, pay off debt, psychology of debt

Get Out of Debt – Focus on Big Chunks

Written by Clair Schwan on January 8, 2012 · 2 Comments

Get out of debt by focusing on the big chunks

Okay, the term "big chunks" doesn't sound like it would appear in a magazine article or economics course textbook, but it should express the idea clearly for most of us; we need to focus on getting out from underneath those elements of our debt that are large and burdensome. In other words, the most serious of our concerns. Read more »

Tags: debt reduction

Are You Prepared for a Sudden Windfall?

Written by Jessica on January 7, 2012 · 2 Comments

Whether it is a tax refund, a lottery win or an inheritance, a sudden increase in funds can be both a blessing and a curse. If you have been in debt but have not taken the time to evaluate your habits, an unexpected increase in your checking account could cause a number of problems. Surprise, you’ve won! What do you do first? If you have a history of impulse spending, the first thing you need to do is put that money into your bank account and step away from the cash. Take the time to really think about the best [...] Read more »

How to Set New Year’s Resolutions and Keep Them Too!

Written by guest on January 6, 2012 · 4 Comments

This is a guest post courtesy of my friends over at Ready For Zero. Nearly half of all Americans set new goals for themselves at the beginning of every single year, yet only about 15% actually follow through and accomplish them. Those numbers aren’t exactly encouraging when trying to figure out the challenges you’d like to tackle in 2012. The odds may be stacked against you, but what the statistics don’t show is that this year, you won’t just be setting any old goals. By following the tips that I’ve outlined in this article, you’ll be setting the types of [...] Read more »

End of the Year Inspiration for a Successful 2012

Written by Brad Chaffee on December 30, 2011 · 4 Comments

Generally I publish an end of year glance at the passing year as well as offer up my goals for the new year. Today I’m going to do something different. If you are looking for a great year in review post Ashley shared her goals for 2012 a few days ago. I didn’t want to be redundant so I wanted to add to what she put together by inspiring you to really think about what you want your 2012 to look like. This inspiration is as much for me as it is for you, because let’s face it, most of [...] Read more »

Tags: Adam Baker, Debt Elimination, freedom video, getting out of debt, Man vs Debt, perkstreet, personal finance courses, running a marathon, StreetSense, Travis Pizel

Living the Life We Want Because of Debt Freedom

Written by Brad Chaffee on December 20, 2011 · 12 Comments

I have a sneaky suspicion that most people underestimate the power of debt freedom. The benefits of paying your debt off are enormous. The changes we have been able to make because of our debt freedom have been both surprising and very exciting. It was surprising because although I knew getting out of debt would be awesome and beneficial I hardly expected for it to change our lives the way it has. We recently began looking at how we could further mold our life into one that best fits our wants and desires. That’s the inspiration for me finally writing [...] Read more »

Tags: Choices, Debt Elimination, debt freedom, dreams, Freedom, life, obstacles, opportunities

4 Ways to Start Getting Out of Debt This Weekend

Written by guest on December 9, 2011 · Leave a Comment

Do you have debt? Have you thought about tackling it but aren’t able to get started? If so, you’re not alone. Even when you realize that you need to get out of debt, it can be hard to know where to start. So today, since it’s Friday, let’s take a look at 4 things you can do this weekend to begin conquering your debt. If you do these, then on Monday morning you’ll feel 100% better about where you stand because you’ll have some forward momentum and you’ll be excited about continuing your progress. 1. Demand a lower interest rate [...] Read more »

Tags: Debt Elimination, Guest Post