Is Debt Really Slavery?

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Debt is slavery

Hello! My name is Bobbie Bushman and I am the newest contributor to Enemy of Debt. I found Enemy of Debt a couple of weeks ago and I loved it right away because I felt they were doing something that not many other websites are doing. They are telling you the truth about debt, how it can trap you, and how becoming debt free can change your life for the better. Since I knew I was going to be writing for this site, I starting thinking about what I wanted to say. One thing I say a lot in my [...] Read more »

Hidden Expenses That Impact Retirement

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OLYMPUS DIGITAL CAMERA

Anthem Healthcare sent me an advertisement for their health insurance and priced it on a daily basis. “Now just $1.58 per day!” Naturally, that rate didn’t apply to me but to a hypothetical 35 year old “healthy” male. Surely their comprehensive database could have sent the quote for me as a 50 year old. In any case, you don’t pay insurance daily. That $1.58 day rate is paid at $47.40 per month or almost $600 per year, which for health insurance is pretty inexpensive. I called and my daily rate would be $5.04 per day or $151 per month or [...] Read more »

Choices Are Hard, Which Choice Will You Make?

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Choices

I recently saw this sign on the refrigerator at work:   It’s an interesting sign, one that makes me think every time I go into the kitchen.  But the other day, as I was waiting for my lunch to heat up, I looked at the sign again. Since I relate almost everything to money, I realized that the same mantra can be applied to our debt. It would sound like this: “Getting into debt is hard. Getting out of debt is hard. Staying out of debt is hard. It’s all hard, so choose which hard you want.” I thought this [...] Read more »

Being Debt Free is NOT the Goal

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checkbook

I recently registered for the Twin Cities marathon, which will be held in October of this year. It will be my third marathon, so I’ve been through the training before. However, as a refresher, I dusted off a marathon training book I had purchased several years ago and began reading. The first chapter is quite inspirational. It reflects upon the time and effort it takes to train for a marathon. By the time race day arrives, months of work have been put in, and hundreds of miles have been logged in preparation of the big event. The thing that stands [...] Read more »

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

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Credit Scores are for Borrowers

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 »

Pay Off Debt Faster by Using the Right Financial Tools

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financial tools

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 »

An Open Letter to My Debt

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Note

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 »

5 Steps to Recover from Christmas Debt

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Christmas Loans

Guest post by The Happy Rock.  The Happy Rock writes about personal finance at TheHappyRock.com and dug himself out of over $70,000 a few years back.  The Happy Rock also created a debt snowball calculator to aid people in getting out of debt faster. As the hustle and joy of the holidays are fading and the realities of a New Year are setting in, leftover holiday debt can ruin the excitement of the New Year.   If you find yourself stuck in this situation, here are five tips that will help you dig out and loosen debt’s shackles. Come to Terms [...] Read more »