Looking for 4-6 People Who Are DETERMINED to Pay off Debt in 2011!

Hi everyone!

I have an idea — something never done before on a blog — as far as I know.

Think of it as the collision of Enemy of Debt and Reality Television (without the television). A reality show blog style? YES! I’m working out the details as we speak, but first need to find 4-6 of the most determined, focused, and motivated people that have decided to pay off debt in 2011!

ONLY SERIOUS people need apply! I am wanting to officially launch this by the end of February or March at the latest. Nine or ten months of hopefully six people taking my challenges, recording or writing down their feelings or mood during the process, and eventually paying off the most debt in 2011. There is much to be figured out but this is going to be BIG! The winner of this contest will win a HUGE GRAND PRIZE come December 31st!

FOUR to SIX people that want to get out of debt REAL BAD! That’s it!

Of all the reality shows out there there really needs to be one that helps people get out of debt, which is why I came up with this idea. It will be different but have no less of an impact on those who participate, as well as those who follow along.

What I am really hoping to achieve out of this is building lasting friendships with all those involved. I want to hold six people accountable for getting out of debt, while they help me stay accountable to losing weight in 2011! We will build a virtual family and provide strength throughout the journey, as well as motivation and incentive for others to take the plunge as well.

On the level of big ideas, this is quite possibly the BIGGEST and most audacious idea yet! I think it could be BIG and I hope you will help me by seriously considering how bad you want to get out of debt this year!

Let me motivate you to get out of debt, while you help and motivate me to lose the weight I’ve been struggling to lose.

Are you ready for true and compassionate accountability? Accountability that could be the difference between you paying off a little bit of debt, or A LOT!

Once I get an idea of who is interested in participating in this first-of-a-kind blog contest, I’ll contact each of you to go over the details and eventually narrow down the list of contestants.

Help me spread the word about this so I can make it bigger than I could ever imagine!

Get out of debt in 2011! I want to help!

If you are interested — SERIOUSLY INTERESTED — please leave a comment below stating so. I would also like to hear some thoughts from the rest of you to help me make this happen. Do you like it, love it, or hate it?

About Brad Chaffee

61 Responses to “Looking for 4-6 People Who Are DETERMINED to Pay off Debt in 2011!”

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  1. Erin says:

    would definitely be interested. looking forward to hearing more about this.

  2. Brandi says:

    INterested!!

    Fo Sho!

  3. Jacqui says:

    Hi,
    I would love to try it, but 2011 would not work for me. I’m currently on LTD, but intend to get back as soon as possible, not before March. If this is successful, 2012 would be my year!

  4. Edward - Entry Level Dilemma says:

    ALL debt? My plan is to eliminate all my consumer debt in 2011, but paying off my student loans just isn’t in the picture.

  5. Chris says:

    this definitely sounds interesting! I’d love to get rid of at lest my consumer debt this year, but trying to do it with an 18-month old makes it a bit challenging…

  6. Andy says:

    This is the year where I begin making extra payments on my student loans and thus the beginning of making a small snowball. Considering my student loans are more than I make in a year (even before taxes) it’s not possible to pay them off in one year but in about 6.5 years, I’ll be golden!

  7. Bree says:

    Hi,

    I would be definitely interested! I entered the marriage with no debt aside from $60k in student loans (undergrad and grad) but my husband entered it wiht a ton — we have a $25k loan outstanding on his 2010 truck, $~15k in credit card debt, $100k on the mortgage (we are upside down), and $40k in student loans. My goal is to pay off the credit card debt before August 2011 and have our emergency fund fully funded to cover 6 months of both of us not working. Please keep us updated on this and let me know if I am selected to participate!

  8. MoneyMomma says:

    SO DETERMINED!!!! This is the year that we put a HUGE dent in our debt. I’m tired of this weight hanging over us..We want it GONE!!!!

  9. Stephanie says:

    I would definitely be interested participating in this. I am hoping to pay off all credit card debt, car loan, and make a dent in personal and student loans this year!

  10. Tricia Kolsto says:

    Dear Brad

    I would love the opportunity for this challenge. I would enjoy havjng to be accountable. We have a huge Line of Credit that I would like to see paid down and our goal is to NOT add to this debt or any Credit Card debt this year.

    Blessings,
    Trish

  11. Nicole says:

    I’m interested. This is the year for me – have already made a basic plan, and am taking extra steps to make it happen such as seeking an additional/better paying job and whatnot. Will we be recorded and actually on TV? I think this is a cool idea because just like hoarders or whatever, it can expose the challenges, internally and externally, involved in one of the most important things, paying off debt.

    • Brad Chaffee says:

      Awesome Nicole!

      As far as being on TV, who knows. The challenge on my blog would not be televised though it could get some media attention if I can pull it off. Perhaps it could even spark a new movement in reality television that has yet to be touched — money management.

  12. sarah r says:

    Well, I’m committed to getting out of debt, but my timeline puts me out of contention for this. I’m due to be debt free by next summer. My goal for this year is to have my debt under $13K (12,800 to be exact) by Dec 2011.

  13. Brad Chaffee says:

    AWESOME!!!! All of you have made me smile today! I think this could be fun and motivating for so many people!

    I am so excited and can’t wait to iron out the details super fast!

    Everybody keep in mind…it’s not about becoming debt free in 2011 (although that would be a plus), it’s about staying completely focused and intense on paying off as much debt as possible. Wasn’t sure if I made that clear in my post.

    Who can pay off the most debt in 2011?

    Not only do I want to know, I want to be involved in the process! I get more excited about this by the minute. ๐Ÿ˜€

  14. Leah says:

    I am up to the challenge of being (consumer) debt free in 2011, but would not be able to get rid of the mortgage and student loan by then. I recently set up my accounts in mint.com & even though I feel disgusted by the #’s, I feel empowered by that disgust ๐Ÿ™‚

  15. kristin says:

    I am so interested. I am wanting to start paying down my student loans before the interest amount gets out of control. You help us stay motivated in getting out of debt and we’ll help you stay motivated to lose weight. Win win all around.

    kristin

  16. atishaya says:

    Definitely interested in participating! My New Year’s Resolution this year was to aggressively pay off debt (just under $25,000) and to become uber fit (as in super human!). So, both sides of your idea sound awesome!

  17. Penny says:

    I love the idea. Too bad over the last 2 years I’ve managed to get my debt down to a small car payment and a mortgage. While I have no shot at winning, I’d love to read it to keep me motivated to tackle the last little bit of debt and never return.

  18. Matt says:

    I am super interested. Looking to land more work as well, I am determined to become educated on personal finance, become better at saving, eliminating debt, adding assets, etc. Participating in this project would be huge!

    Also, I am training to run some ultras this year starting with the Grand Canyon R2R2R in April. I blog about this and am taking aim at a more detailed training log. I would love to motivate people to get in shape, eat right, and live healthier lives.

    Cheers!

  19. I’m completely and totally motivated to pay down as much debt as I possibly can. Not sure I’m a good fit for what you have in mind, my situation is different than most.

    But I would definitely be interested in hearing more.

    Either way, I look forward to watching this grown.

  20. Sounds interesting. We are already documenting our journey to get out of debt. But we are definitely not as hard core as some people. We are combining this will a will to save to build our own home. I can’t stand renting for much longer!! And I know our debt will be gone in about 3 or 4 years AND I’ll have a house mortgage to work on by that time.

  21. LB says:

    I am totally interested and would love to participate! My goal for 2011 is to get out of debt completely. It’s been hard paying down debt. I have experienced job losses and some setbacks in the past few years. Most of my family and friends do not understand finances and could care less, so having other people to hold me accountable would be awesome. This is my year to get out of debt for good!

  22. Riley says:

    Damn, that’s too bad. I set this goal for myself last year and paid of all $30k of my debt last year by June.

    Good luck to all who participate!

  23. Sherell says:

    This is a great idea and opportunity. I am so tempted to volunteer but I think I have enough on my plate for 2011. I will definitely be checking in to see how this goes and maybe next year I will have the time to participate. I’m already excited and you haven’t even gotten started yet….Best Wish to you and the participants on a successful, debt free 2011!

  24. Katie says:

    Brad, I think this is a terrifying and wonderful idea! I’m seriously interested especially as debt repayment is part of my 2011 resolutions. Forget paying everything off…I need a kick in the butt to open my mail and face the reality and make a plan! Whether or not I was in your “reality blog” group it would be interesting to see how everyone deals with their financial issues.

  25. Michelle says:

    Count me in!!!

    My first goal is to pay off my credit card debt (yes even here in South Africa, debt is a problem).

    Once mine are paid off then looking to squash hubby’s credit card debts, then the overdraft… bonus points if we can do the same on the mortgage and car loan.

  26. Kenya says:

    OOH! OOH! OOH! OOH! OOOH!
    PICK ME! PICK ME!

    I really need someone to hold me accountable this year. I have paid off all my debt in the past once, and here I am, back in debt. This time it needs to not be a matter of working 2 jobs and not having time to spend any money, this time I need to change my bad habits and really build some good ones for life.

    And for me it’s hard to do when everyone around seems to either be fine financially, or resigned to poverty. This would def help me out, and I need to get my s**t together this year, becaus ethe reality is, I’m a gal by herself with no one to bail me out if things go worng.

    • Brad Chaffee says:

      Kenya, I love your excitement!! ๐Ÿ˜€

      I am working on a way to screen people to figure out who really wants to do this with determination! I will hopefully post an update at the beginning of next week. Stay tuned! ๐Ÿ˜€

  27. Kaye says:

    I am interested as well! Last year we paid off almost $20K in debt (even though hubby was laid off for 3 months) and increased our net worth by over $35K. This year I have a goal to pay off $25K (although hubby is once again laid off). We have a plan and hopefully can follow through with it. I’d love to kill even my $25K goal and knock out all of it!

  28. I’m definitely interested. I NEED to eliminate this credit card debt.

  29. Nicky says:

    This would be ideal for me. I’m currently on the path to paying off my car loan ($12k) one yr in advance. I took a second job in Dec. and have made one extra payment so far. Will make a second extra payment before the end of january. My goal is to make an extra payment every month. so Dec 2011 I will be car loan free. Never thought I would be working 7 days a week as i am a mom of a 3 yr old daughter. I want a better future for her so less debt for mommy means a better future for her. I currently track my money using a spreadsheet. which I’m willing to share with you. I dont have any Credit Card debt. I have one single goal/resolution for 2011 and that is to pay off my car loan by any means necessary.

  30. Wendy Leon says:

    I am DEFINITELY interested! Probably, because I’ve actually started my plan, about 3 months ago I just plain got tired of being in the same spot for years. I was off to a rough start, but created an entire plan and actually have it set all the way to 2018 down to the last penny (thank goodness for spreadsheets)! Yea, I may be a wee bit nuts when I get into something, but when I do I REALLY get into it!. I’ve got a lot of debt to get rid of ($48k with incl. student loans) and a lot of goals I plan to achieve in those 8 years to not just get out of debt, but to get ahead. I would love to apart of this and share the info that I have learned along the way that helped to make what seemed impossible at first to be something achievable. At the same time, I would love to learn from others in the same boat because I’m sure there are things I haven’t thought of that could help myself as well as others get out of debt faster!

  31. Confused says:

    I am interested in joining! I have been falling backwards in my finances and could do with knowing I’m not alone.

  32. J$ says:

    VERY interested in following along! You can do it boyee!

  33. dyan says:

    very interested!

  34. Ashley says:

    I think this is a terrific idea. I’m a big fan of before/after snapshots of people in various states of change — weight loss, finances, homes, personal goals — but I’ve always really been a devotee of the process itself. I think people have a tendency to gloss over their struggles, which is a shame since those moments are the most powerful teaching tools I know.

    In the personal finance realm, I’ve found myself frequently discouraged by the success stories that are posted. “Woman pays off $60k in credit card and car loan debt in 18 months!” sounds enticing enough — and then I find out she makes $90k a year and, oh yeah, her generous parents contributed the $25k they saved for her (she saved it by getting a full ride to her dream school, after all). Commendable, to be sure, but I’m not nearly on the same level.

    I’m no Ramit. I utterly failed to maximize my opportunities in high school and college. I had no scholarships, and though I did graduate from a public school, I took out over $25k in loans to do so. I got swept up in consumer culture hard and fast and I had my first credit card before my first real job.

    2010 marked the first full calender year I’ve been out of college, paying my own bills with the money I earned from my job. I told myself I’d “see how it goes” and make adjustments as necessary.

    Hah!

    I made no progress on my credit cards (in fact, I think I managed to add to them). My loans are on an income-contingent repayment plan. I save $0 for retirement. The one thing I did manage was to set up an emergency fund equal to about one month’s full expenses. It was promptly drained, over and over again, because I never really learned how to budget.

    I want to turn this around. I’m young, I have potential, I have energy, I have passion! There’s no reason I can’t do this – I CAN do this!

    I’m looking forward to seeing who joins you on this journey. At the very least, it’ll be strong motivation for me to pull myself together.

  35. KiasuChick says:

    Haha.. I’m interested but I just got laid off. If I can find a job in the next 2 mths I should be on track to pay off my $43k+ of cc debt this year (I put my car loan on 0% cc). Second time getting laid off. I should have learnt my lesson. If I didn’t have debt things would be a little less stressful right now!

  36. SR Sullivan says:

    Please count me in!! I could use someone to hold me accountable for my 2011 debt elimination plan. ๐Ÿ™‚

  37. Laura says:

    Hey! This year is my year to get all of my debt paid off except my mortgage. Last year I began with $22,500 in debt and I am down to about $8500. However I have the immediate goal of then beginning to save money so that I can blog full time. So the normal “I paid off my debt” relief won’t last long for me as I need a substancial amount in savings before I will feel comfortable quitting the 9-5. I know the number isn’t huge but if it is something you are interested in I woudl love to know more about the project!

  38. Alicia says:

    After being in denial about my debt, paying it off has become my main focus. I am soo interested in this challenge. It could onlyu help my motivation.

  39. michelle says:

    i’m kinda interested, but i have student loan debt that i cannot pay off this year unless i took out another loan. i’m definitely paying off my credit card debt and setting myself up to never take out a student loan again. however, i don’t think i’ll be paying down/off ALL my debt significantly in 2011

  40. SR Sullivan says:

    I am extremely interested. I could use someone to hold me accountable for my 2011 budget elimination process. ๐Ÿ™‚

  41. Scraps says:

    I believe this is a fantastic idea but, with your help I already paid off my credit card debts and find ways to save when not thinking. I only have a car note now. I am also trying to get a house so, I am on another journey trying to SAVE as much as possible. If you have anyone on your site that wants to join in that, let me know.

  42. Man! This ALMOST makes me wish I had a mound of debt to pay off just so I could participate. Instead I’ll just add to my savings goals for the year and compare “amount saved” to the debt contenders and see how I compare!

    I’m up for fitness accountability on the side, if ya really want it though!

  43. Brad Chaffee says:

    All of you make me so happy! I am so extremely thankful that so many of you are so determined to become debt free! I will hopefully have an update about where we go from here on Friday!

    Keep them coming! WOOHOO!

  44. Jeanie says:

    Well, I might be too ambitious for this plan…but here goes. Accountability/transparency? Here’s my stats as of now.

    Checking account: $136.64
    Savings: $100.00
    Loan: $3900.00
    Credit card: $2500 limit, no balance
    Assets:
    Chase Morgan Ira: unknown, probably less than $200, need to roll it over into Roth IRA
    Hartford IRA from Grand Lake: Possibly $516, need to roll it into Roth IRA
    Roth IRA: Last time I checked it was $9600.
    Vehicle: Umm…probably needs about $1000 in clutch/tires/pads/rotors turned before Mega Road Trip. Worth about $6500.

    Income til March 8th: $4500 + tax refund (presumably not much..I shave it as close to 0 as possible)

    Bills: Paid til End of March – $180 in insurance.

    Goals: Pay off $3900 by March 15th, save up $1500 for roadtrip, sell few remaining things for ~$600, obtain backpacking bag, lavalier microphone, reusable water bottle, light tent/sleeping bag, and 2 outfits of bamboo clothing for travel. Also, need biz cards, T-shirt, yoga mat, and massage oil for SXSWi ninja massage idea.

    What I’ve done so far: Sold all my furniture/knickknacks to ex, reduced my “stuff” to a carload, given away 200 pounds of clothing and moved in with a roommate for $300/mo.

    Help, please?

  45. Natalie Tirado says:

    I am serious about getting out of debt in 2011. I like the idea of a small group with similar determination and goals becoming a support system for each other. Let me know what I have to do to be in! I am also pretty health conscious if that helps.

    Awesome idea!

    Natalie.

  46. Grace says:

    I love this idea! I know that I won’t be able to pay off all of my debt (student loans and a tiny car loan) in 2011, but I know I will be taking out a HUGE chunk of it! Based on things I’ve learned in the past few years my money management will be kicking into high gear. Come August, I’ll be able to pay of a big chunk of about $10,000 off of my $27,000 student loans. That means my net worth will only be about -$17,000!! I can’t wait until the day that goes into the positive!! I start my first full time job at the end of summer too so I’ll be doubling my pay without changing my lifestyle. That means uber debt pay off!! ๐Ÿ™‚

  47. Ruth says:

    I’m in(terested)! Actually I’m in with or without the challenge, if you don’t pick me I’m going to do it anyway. I am so committed to getting rid of the majority of my debt this year.

    Good luck with the competition. And good luck to all those who enter, as well as those who don’t. Do it anyway, even if you’re not selected. I will be!

  48. Sharron says:

    Please, oh please, consider me for this challenge. I’m the single mom of two daughters (no child support, one just graduated from college, the other is a high school junior), currently working a combination of part-time/freelance jobs due to a temporary move to help aging parents. Owe for a car apx. $11K (got rid of two), $60K+ in grad school loans, have paid down to under $20K in cc debt. Have been on a cash only basis for almost two years and working hard to pay down the debt, but somehow can’t seem to make a real dent. I need the tools and accountability to do the deep “metanoia” turn around change.

  49. C24a2 says:

    First time poster–love your site and read it religiously. I am a recurring debtor who makes too much money for this to happen over and over again. I am sick and tired of paying off all debt except mortgage only (as I did earlier this year) only to find myself adding CC debt again, and again, and again. I’m a single, male, 41 yo professional in publishing in New Jersey and while I hope I can remain anonymous in terms of details about myself, I would LOVE to have an accountability partner and co-debt haters with whom to work to be debt free by December 2011. I hope I meet your criteria and am happy to provide more details. Whether chosen or not, I will look to this effort on your part with great interest and I know I’ll learn a great deal from you and like-minded readers and posters. Thanks for your consideration, Christopher

  50. Keith says:

    I would definately like to be a part of this. While I am not “over” my head in debt what I do have I would like to get rid of or make a SIZEABLE dent in getting rid of it!

  51. Charles says:

    What a GREAT goal. I hope the people you find take lots of screenshots, photos and/or videos. It’ll help motivate other people if they can see the progression.

    Thanks again for inspiring so many.

  52. Heather says:

    Good Gravy am I ever interested! I’m just not sure our amount of debt can be paid off in year…we’re in WAY over our heads…I am utterly ashamed at the mess we’ve gotten into. We’re talking $75k or so.

  53. Michelle says:

    I am SOOOO interested in this! I have over $75K in student loans and just last month I started paying 50 percent of my monthly pay toward my loans. I search for debt success stories daily to keep myself motivated. I really need the inspiration to feel like I’m not alone in this.

    As an added bonus: five years ago, I lost 65 lbs (over 8 months, the healthy way!) and have kept it off ever since. I can not only help you in your quest to lose the weight, but also through the important transition from “dieting” to living a healthier life.

    Even if you don’t pick me, I wish you success in your weight loss, and I thank you for this amazing idea!

  54. LeNai says:

    I’m definately interested and so is my girl!! so much so she goes to DA! and doesn’t extend herself with credit

  55. leslie says:

    I’m interested ! I’m a single mother with two teenagers. I have around 40,000 in credit cards, 128,000 mortgage and 25,000 truck. So definitely needs the motivational help. Would love to get rid of credit cards. No child support so it wld just be my income. I work 60 hrs every week and life is passing me by.

  56. Tayana says:

    Hi! I am interested in this! I have a lot of student debt! I am overwhelmed by all debt. I would love to be able to eliminate my debt and debt free! I have been in student loan for several years. The interest on my loans are growing. I have not made one payment to my student loan bills. I am always living in stress and fear. I think about in my mind how do I find a way to pay off my student loan bills. If you pick for the show, that will help me to eventually pay it off!

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