Warning: The Long Term Effects of Debt Will SHOCK You

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Before we enrolled in our debt management plan, many of our credit cards had very high interest rates, some as high as 29.99%. We were making very little progress on the actual balance of our accounts, our payments going mostly to line the pockets of the credit card companies. I know I’ve paid an insane amount of interest to creditors because of our overspending. With the finish line of our debt management plan in sight, I wondered how different my financial picture would look if I had invested that money instead. What I discovered SHOCKED me. Ground Rules First let’s […] Read more »

How Does It Feel to Pay Off $100,000 of Debt?

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Last Thursday we made the October payment to our debt management plan. After hanging up the phone, I leaned back in the chair to let the gravity of the payment sink in. To be honest with you, my bottom lip trembled a little bit as tears started to form in the corners of my closed eyelids. With our 52nd payment, the amount of debt that we have repaid through our debt management program has hit the mark of $100,000. Sitting in a conference room at work with the door closed, I couldn’t quite figure out the exact reason behind my […] Read more »

Paying Off Debt With Gazelle Intensity Isn’t Enough

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I’ve seen it happen to friends and family. It’s even happened to me. A person loses a large amount of weight very quickly through the use of a very restrictive diet. Unfortunately, as time passes the weight begins to return because the restrictive diet is abandoned. The question commonly asked is why would a person who had so much weight loss success just give up and go back to their old habits, reversing all their progress? To me, the answer is simple: being on a restrictive diet is not real life. Such a program teaches people one thing, to unconditionally […] Read more »

What Do Long Distance Running and Getting Out of Debt Have In Common?

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I walked down my driveway and accelerated into my normal running pace as I crossed the line separating the concrete of my driveway and the asphalt of the road. I was excited to head out for a Saturday morning run, the target distance being five miles. I hadn’t run outside much lately but I had been doing a lot of treadmill running, and was sure it would all come back to me. Except it didn’t. I was expecting an effortless run, as I remembered enjoying so many previous times. What actually followed was seventy minutes of alternating between running, walking, […] Read more »

Four Years of Growth and Change

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Yesterday was the four year anniversary of our first payment to our debt management program. When a person takes on a long and difficult task, many times it seems that in some ways the time passes in the blink of an eye. I tell you the truth that in this instance, that is not the case. It seems as if we have been fighting our way out of debt forever. Each of these 48 months have been a challenge. Most have been victories, some of them have not. But the constant in all of this is that we have always […] Read more »

Pain is NOT a Lifestyle

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I walked by a chiropractor’s office a few weeks ago where a sign hung in the window that read, “Pain is Not a Lifestyle.” The meaning of the sign was obviously referring to physical pain. There is no need to walk through life in pain when the people inside the office can relieve it for you. But as I read the sign over and over, a wave of emotion and memories flowed through my consciousness as to how my life used to be full of so much pain due to my finances. I remember all the things I had once […] Read more »

Worrying Doesn’t Accomplish Anything. Take Action. Now.

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“Are you making yourself old again?” I heard Tori’s friend say to her from behind me as we headed off to dance class. I had never heard the phrase before, but I immediately understood what she meant. She was referring to the scrunched look on Tori’s face which was a result of the unusually rough time that just occurred at home as I had to continuously poke and prod her to get dinner eaten, dressed, and out the door on time for class. The wrinkles on her face made her look old. But even more than just making her look […] Read more »

Personal Responsibility and Debt Relief Are Not Dirty Words

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Last week my story to pay off credit card debt was shared in a post on Business Insider, and subsequently picked up by Yahoo Finance.  I really appreciated the opportunity, and I think the article turned out great. There were many positive comments on both posts stating support for our journey, and for what we have learned and accomplished. There were also a fair number of comments questioning how we could have ever let things get so far out of control to accumulate such a massive amount of credit card debt as well as wondering what effects our debt has […] Read more »

Are You Financially Smarter Than a 5th Grader?

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I am a huge supporter of financial literacy, for both kids and adults. Financial literacy has become more complex since I was a fifth grader back in the 80’s (I know I am dating myself here). The financial services industry has exploded offering everything from online trading to debt relief. Tax laws make filing taxes a DIY nightmare, unless you purchase software like TurboTax with a step by step guide. And, applying for a loan or a credit card of any kind requires reading twenty plus pages of fine print. In a previous article, The Great Debate Kids and Money […] Read more »

An Oil Change and a Conversation About Debt

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Pulling out my debit card to pay for my oil change, I told the young man behind the counter who my employer was and asked if I qualified for a discount.  He acknowledged that I did, punched a few buttons and said, “Looks like that saves you 8 bucks.” Up until this point, our conversation had been standard small talk, but here’s where it got interesting. “Every little bit helps, right?” he continued. “Absolutely,” I responded. “My girlfriend has me going to this financial peace thing,” he stated. “Oh, you mean Dave Ramsey’s Financial Peace University?  What baby step are […] Read more »

Make 2013 Debt Free…Join the Debt Movement

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Did you ever wonder why New Year’s resolutions never last? Each year as I resolve to quit all the bad habits I developed over the previous year, I always do. But if you take the right approach to a resolution such as “getting out of debt”, there’s no reason you can’t be successful. If you’ve been working to get out of debt with little success and need a kick start, consider joining the Debt Movement! We all need a little help from time to time whether it’s a debt relief plan that makes the process easier, a nudge in the […] Read more »

Our Story: An Interview on Talk Credit Radio

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About three months ago, I was honored to be a guest on Gerri Detweiler’s Talk Credit Radio program.  I was thrilled to share Vonnie and I’s debt story and answer Gerri’s questions regarding  how it has changed our lives forever.  She has been generous enough to provide me with a link to audio streaming of the interview, and I wanted to share it with The EOD Nation.  Click on the picture of Vonnie and I below to hear the interview.                 I’d love to hear your thoughts on the interview, or answer any […] Read more »

Don’t Let Debt Hold You Back

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2012 is rapidly coming to a close and it’s time to start thinking about your goals for 2013. If you have debts consider developing a plan to make 2013 the year you get out. Interest Affects Your Bottom Line The exercise of defining all of your credit card debt and the subsequent interest rates should be a top “to do”. Start by pulling your free annual credit report and seeing what you owe and at what rate. Create a spreadsheet, document or put a pen to paper listing your debts. Then calculate how much money you are spending each month […] Read more »

There Is No Magic Pill for Debt Freedom

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I can’t tell you the countless times I have been tempted by the magic pill. You know the one I am talking about; the one that claims you can lose 20 pounds in one month without exercising, get rich working just four hours a day, or the one you can take to get rid of your debt. The magic pill seems like an answer to your problems and the best part is you don’t have to do anything except swallow. Who wouldn’t be tempted? The problem with magic pills is that they are missing the key component to accomplishing any […] Read more »