If You’re in Debt, STOP Fueling the Fire…and Win Some Money Too!

Are you ready to eliminate your debt once and for all?

The new year has come and now it’s time to take some action! Are you ready to do the hard but very rewarding work? I hope so, because the last thing I want is for you to wake up at the end of the year saddled with regret.

You deserve to be debt free and to be able to live the life that debt freedom allows!

The fact is that it’s completely up to you! YOU are the only person that is going to make it happen — no one else. The government isn’t going to pay off your debt or provide you with the future you desire. No one is going to do it for you. If you continue to put it off, your situation will only worsen and you will wake up a year from now more overwhelmed than you are right now.

Overcoming the feeling in the pit of your stomach every time you think of the mountain you have to climb is hard. BUT, the only way it will get any easier is if you start climbing that mountain and take one step at a time to reach the top. Lucky for you, there are a number of ways to make this process a little easier to manage.

In previous posts I’ve talked about what it takes to eliminate your debt. What I talk about isn’t just something I read in a book, it’s something I have actually done myself! We’re debt free and that’s why I know it is worth it AND possible.

The subject of today’s post is one of the most important steps in making your debt free journey a success. You have to cut up your credit cards and stop borrowing money PERIOD! You can’t and won’t, make any progress if you are still borrowing money. So why not take the necessary steps to first eliminate the temptation that comes with having credit cards in your possession? It WILL make it easier!

You cannot run up debt on something you no longer have!

I’ve said it before and I’ll say it again; Extreme Circumstances Call For Extreme Measures! If you are in debt, your spending is most likely out of control. Some will say no to that notion, but if it weren’t true then why are you in debt? One of the reasons people get frustrated with the process is because they feel they are making no progress at all. It’s true, you probably aren’t making progress. Any progress you do make is negated by the fact that you continue to run up more debt on your cards.

The Solution?

Stop fueling the fire! On second thought, perhaps a fire is exactly what your credit cards need! ;)

Cut up your cards and eliminate the temptation or the possibility that you will add to your already huge debt load. Get rid of them! If you really want to get out of debt this is essential to the process. It might be hard to do, but your unhealthy attachment to keeping your credit cards has caused a very big problem in your life. So get it under control and once your debt is gone (if and ONLY IF you have control), you can give the credit cards and yourself a second chance to behave!

The important thing is to stop living in denial. Someone who is in debt is not in control of their finances or their cards. Stop using them for now!

Shred and Creatively Destroy Your Credit Cards on Video and WIN!

In an earlier post, I shared with you some awesome incentive for destroying your credit cards. As if your debt wasn’t incentive enough! Perkstreet Financial and Lending Club partnered up to bring you Shred Your Credit Card, a video contest which the winner wins $1,000! (there are also weekly prizes)

Let me see if I get this right. ALL YOU HAVE TO DO is destroy your credit cards on video and you could win $1,000?

No one from Enemy of Debt has entered this video contest which potentially means, either I suck at motivating people who are struggling with mounting debt, or you don’t really want to become debt free and are uninterested in winning $1,000+!

They’re also accepting any videos where you are talking about your debt free journey! Want to share what caused you to decide that enough was enough? How are you getting out of debt? How important is getting out of debt to you and your family. Sick of getting solicitations i the mail? Destroy one and share your thoughts and you could also win! Go make your video!

I know it seems extreme to cut up your credit cards for the greater good, but what you have been doing so far has got you where you are. Try something different. In any case, you can always go back to your old ways and rack up some more credit card debt — though I wouldn’t recommend it. You have nothing to lose except for your debt, high stress, living paycheck to paycheck, money fights, extreme frustration, bondage, depression, and poor financial habits to name a few — and that’s right off the top of my head. There are plenty more!

Not to mention, I would love to give you $25 for the winning video submitted from Enemy of Debt!

You have two choices; start living differently, or continue doing what you have been doing all along. What better way to symbolize your commitment to kiss your debt goodbye than by destroying your credit cards?? Did I mention you could win money? (money pays off debt)

What are you waiting for…your next credit card statement? Do you really need to be reminded that you are making someone other than yourself VERY RICH before taking serious action?

DO SOMETHING TODAY! It’s not going to get any easier if you do nothing and it’s definitely not going to just vanish and go away.

Steps to Debt Freedom

What Are Your Waiting For?

About Brad Chaffee

21 Responses to “If You’re in Debt, STOP Fueling the Fire…and Win Some Money Too!”

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  1. When I first saw this contest, I was thinking “I can’t afford to shred my credit cards”, but in reality, I can’t afford not to. I think I’m gonna do it.

    • Brad Chaffee says:

      Awesome awesome awesome! DO IT! My wife and I were just as reluctant in 2008 when we were faced with this decision. We struggled with it but ultimately asked ourselves if our plan had worked. The answer to that question was the push in the direction we needed. You are right when you say you can’t afford not to.

      Before we got SERIOUS, we paid off our debt and struggled countless times with the process because all along we were running up debt in the background. When you feel you are making little to no progress it causes you to give up. It also puts the idea in your head that it’s just not possible causing most of us to simply accept things the way they are.

      Don’t accept debt! Don’t settle! PAY IT OFF for good! :D If you can’t tell, I am enthusiastically rooting for you to make one of the best decisions ever! :D

  2. Kyle says:

    Dear 20 and Engaged,
    If you’re considering entering the contest, I’d say DO IT! [Disclosure, it’s my job to recruit new videos haha.]

    Seriously though, there is a lot of money being given out with this contest and really only a few solid entries so far. If you have any problems creating your video or uploading it, don’t hesitate to email me at kyle.psaty[at]perkstreet.com. (just replace [at] with @…) I’ll be happy to help!

    Be sure to mention that you heard of the contest at EnemyOfDebt.com when you submit! Special thanks to Brad for being involved in this project with us.

    -Kyle

    Kyle Psaty
    PerkStreet Financial & ShredYourCreditCard.com

  3. Edward - Entry Level Dilemma says:

    I won’t be cutting up my credit cards because I don’t have any. Haven’t had one in 3 years. That said, my wife and I did just get approved for a new card. We want to improve our credit to get a better rate when we are ready to buy a house next year. This card will only be used to buy gasoline, an expense currently in our budget and will be paid in full the same day as the purchase.

  4. Quick question Brad… as a paid writer for American Express’s GetCurrency.com website, do you feel at all conflicted about shredding and cutting up credit cards?

    Love to understand how you reconcile the situation.

    Thanks

    • Brad Chaffee says:

      I don’t feel conflicted in the least. There is nothing at all to reconcile. People who are in debt have no business having credit cards. I don’t support credit card debt and never will no matter what. Are you suggesting that because I write for American Express that I should condone irresponsible credit card spending?

      With that said, a person who has an emergency fund and can pay off their credit cards each and every month, is not taking the same risk and can therefore own and use a credit card responsibly.

      SIMPLE. What’s there to understand?

      • Excellent. Don’t get me wrong, I have no problem with bloggers against credit cards and debt receiving money to write on a credit card’s company’s site.

        The topic was brought up yesterday on Twitter, so I thought I’d ask b/c I didn’t think about it.

        I read the title, and some would think a credit card might be a weapon of financial destruction to get someone in debt, but some may not.

        • Brad Chaffee says:

          I saw the tweets and it looked like you were trying to start something which was why I ignored it. :)

          “@NerdWallet @budgetsaresexy @manvsdebt -> It’s the same thing as anti debt bloggers writing for AMEX’s GetCurrency.com, no biggie. #freedom”

          There is a difference between debt and responsible credit card use that carries NO DEBT. And a credit card can be a weapon of financial destruction wouldn’t you say?

          As a financial guy yourself I find it hard to believe that you didn’t know the difference.

          • I was just responding to their tweets poking fun at AMEX for sending a 3-year old a credit card and saying it’s just like a ant-debt anti-credit card blogger getting paid to write on a credit card site, no biggie.

            I’m always fascinated to understand how people think. It’s the psychology of it all that interesting.

            Things like: Why get in debt if you know it’s bad? Perhaps it’s because getting into debt feels good, and getting out of debt feels good, otherwise people wouldn’t do it.

            How did I let myself go physically if there are millions of starving people in the world? http://www.financialsamurai.com/2011/01/05/best-weight-loss-tips/

            Stuff like that. So, thanks for sharing your thoughts!

    • Brad Chaffee says:

      Perhaps you missed the part IN THE TITLE, that said “If You’re In Debt…”

  5. Getting started is the toughest part of getting out of debt next to adding up all the money you owe.

    But it needs to be done or you’ll never know where you stand with your debt and how long it may take to pay it all off.

    I suggest once you know what you owe put together the plan and then focus on Acceleration strategies such as negotiating with creditors and selling stuff that’s financed as Brad suggested.

  6. Nicole says:

    OK, Thank you for finally motivating me to take the step. One time, I tried to give my cards to my mom to restrict myself, but I only asked for them back to make a purchase I just “had” to have. Then I decided I didn’t want her too involved in my finances, so I kept them but decided I only would use one, which I figured I’d pay in full monthly while making payments on my other one I still had $3000 on. Didn’t work; I now have $2,000 on that one due to Black Friday shopping and some “retail therapy.” I have finally realized I don’t need to shop any more. I have all that I need and more. I can use my debit for anything else. I cut up all the cards I have in my possession and will hunt for any more at home to cut them as well.

    • Brad Chaffee says:

      That sounds pretty close to how our journey went before finally cutting them up. It’s easy to say one thing, but holding yourself to that with the same old habits is another thing all together.

      I am proud of you for acknowledging the truth of the matter. I know some people who do as you did with their credit cards, but will still deny the obvious. If you can’t discipline yourself to use credit cards responsibly the only option is to cut them up. That’s why we cut ours up and it has been the very best thing we’ve ever done because it cleared the way to reach debt freedom. It was also VERY liberating! It sounds like you felt that same feeling as you cut some of yours up already! :D

  7. You’ve motivated me Brad! I’ll do it. I think. Well, I’m pretty sure.

    Ok I’ll do it. Stay tuned.

  8. Kirstin says:

    Yep, going to do it, thanks for the motivation. Not sure I am going to film it, but I need to close out two credit card accounts and be done with it. My husband and I keep paying these off and then racking up the debt again on one thing or another. I can cancel these cards by paying them off with some savings and be done with it!

    • Brad Chaffee says:

      Be done with it! I love it!

      The truth is, you can’t rack up something that doesn’t exist. We did the same thing over and over again and it got old real fast. Then I read the Total Money Makeover! That’s the week we became SERIOUS! It was hard but once we knew the goal we were working towards, we asked ourselves to figure out which one was more important; become financially independent or continue to pay interest for the rest of our lives.

      Good luck and I can’t wait to hear how everything goes for you.

      P.S. I am working on something that will take motivation to the next level! :D

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