Getting Out of Debt is About Challenging Yourself

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There are a lot of things that go into getting out of debt. You’ve got to spend less than you make, put some effort into tracking your income and expenses, and perhaps the most important thing is to change your financial behavior. With that said, something I find to be extremely helpful is taking myself out of my comfort zone in the name of reaching my goals. This can be a hard thing to do but challenging yourself to do what you don’t want to or think you can’t do is great for finding out who you really are. I […] Read more »

Uncle Sam Wants to Know: Did You Have Debt Forgiven?

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April 15th is right around the corner and that means, it’s time to pay up. For many Americans 2011 was another year of unemployment, rising costs, and underwater mortgages. In fact according to the Federal Reserve Bank of New York Americans owe a combined $11.5 trillion on credit cards, car loans, mortgages and other consumer debt. So in a desperate attempt to keep their finances afloat many have turned to settling their debts. Settling a debt is certainly damaging to your credit, but to make matters worse, Uncle Sam wants his take as well. If you have a debt forgiven […] Read more »

When Should You Give Up?

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Photo from Flickr by Brian Carlson, Houston, Texas

I’ve been thinking a lot lately about difficult situations. When is enough enough? How do you know when you should just focus your energy elsewhere? Sometimes life can really make you feel like you are beating your head against a brick wall. A lot of the articles on Enemy of Debt talk about persevering. However, there may be times when it is a smarter financial move to just give up. Here are some financial examples of when you might want to say, “Enough!” Making payments on something that isn’t worth it This could be a house, car, or something else. […] Read more »

The Not-So-Pretty Story of Paying Off My Debt

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Hundreds of people emailed, commented, tweeted and direct messaged me after this post asking to hear more of my story. The number one question: How did you do it? How did you pay off $571,817.68 in less than 3 years? The answer to paying off debt is pretty simple. Stop using credit. Earn more than you spend. Use the extra earnings to pay off debt. It’s not romantic. It’s not complicated. It’s actually very straight forward. I, however, do not typically do things the easy or simple way. In hindsight, I can see that the first year of my “debt […] Read more »

Debt Free News #22 – Bobbie Bushman

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Happy Monday everyone! Today I thought I would share another Debt Free Story with you. It’s been a while and this series has become very popular so I hope you enjoy this one. This Debt Free News edition is actually one of my favorites. Not because previous debt free stories are any less exciting but because it so closely resembles my story. When we were plagued with debt we both worked our tails off and in the very beginning of our marriage we spent more time with our co-workers than we did with each other. We passed each other at […] Read more »

The Power of One Small Step

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A wise man once made me a shirt that says, “Debt Sucks!” And you know what, it sure does. It sucks the energy out of your body. It sucks the fun out of your life. And it sucks the money right out of your budget. Finding the courage and will power to make a change with your finances usually comes at a moment of frustration and depression. My own moment came when I was at, what felt like, the lowest point in my life. I was unemployed, living with my mother, 2 years post divorce, broke, in debt and without […] Read more »

Battle of the Sexes, Over Debt?

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In today’s world women are no longer “just staying home” to raise their children. I say “just staying home” as anyone that is a stay at home parent knows that raising children is one of the most difficult jobs you will ever have. Many women are both working full-time and raising their children out of necessity for their family. Whether you are married with kids, divorced with kids or widowed with kids it’s a tough dual role to play, for either parent. As a divorced single mom I know the challenges of going it alone and the debt that goes […] Read more »

Does Your Demographic Decide How You Pay Bills?

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The times, they are changing; life is very different for today’s youth, otherwise known as Millennial’s. Their parents, grandparents, and great grandparents lived in a seemingly different world; one without smart phones, laptop computers, and online bill pay. Those of you born into Generation X, Baby Boomer, or Silent Generation know what I mean. You did not grow up with today’s available technology and skepticism may be keeping you from hopping aboard the technology train. You paid bills your bills the old fashioned way with a checkbook, envelope, and a stamp. But is there more to how you pay your […] Read more »

Is Debt Really Slavery?

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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 »

Choices Are Hard, Which Choice Will You Make?

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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 »

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

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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 »

Make Your Own Credit Card

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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

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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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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 »