Across the United States the Millennial Generation is struggling with debt, especially in the state of Virginia, a place my friend, Brad Chaffee happens to reside. According to recent internal data from CareOne the number of Virginia residents between the ages of 18 and 24 seeking debt relief increased 33% from 2010 to 2011 and was 12% higher than the national average. The number of 25 to 34 year old Virginian’s seeking debt relief also increased during that same period, by 4%, and was 3% higher than the national average. So what is happening that is causing higher than the national average […] Read more »
Credit Card Negotiator
No it’s not William Shatner the Priceline negotiator, it’s you the credit card negotiator! You’ve got credit card debt that is starting to get out of control and you’ve decided it’s time to take the preverbal “bull by the horns”. So how do you get started? Who do you talk to? Where can you turn for help? Understanding how to negotiate credit card debt just may be the first step for getting your finances back in order. But first things first there are a few cardinal rules when it comes to negotiating with your creditors. 1. Know what you want. […] Read more »
A Marathoner’s Guide to Getting Out of Debt
In life, it’s our experiences that shape who we are and how we handle adversity. Most lessons can be applied across the board and help us in ways we never expected. Today I wanted to highlight the similarities between training and running a marathon to the process of getting out of debt. As most of you know — Travis is a machine — and although he faced some challenges along the way while training for his 3rd marathon, on Sunday he completed it and reached his goal. Achieving debt freedom involves some of the same dedication, sacrifice, and intense focus […] Read more »
I Love You Like a Blogger Roundup – 9/28
It’s the last Friday in September. Whew! I don’t know about you, but it has been an action packed month. Four weeks ago, I was returning from my India business trip. Three weeks ago I was at #Fincon12. Two weeks ago I had gone to CareOne’s headquarters. After a recovery week, I’ve spent this past week playing catchup at work, and with my writing. We’re all busy, so I wouldn’t blame you a bit if you didn’t have time to check out all the financial blogosphere has to offer. But not to worry, that’s why I keep close tabs on […] Read more »
Short Term Sacrifice For Long Term Gain
One of the biggest lessons we learned while getting out of debt was that sacrifice was critical to our success. And by success I don’t mean paying off our final debt before we die, I mean paying off our debt as fast as we could SO WE COULD LIVE…NOW! Think about that for a second. People spend money on things they want now (instant gratification), but isn’t that what I was getting by paying down my debt as fast as I could? I was instantly gratified each time I paid down my debt. And now we are definitely living although […] Read more »
Chase Put Me On the Road to Financial Recovery, But it Cost them $100,000,000
I recently received an unexpected letter in the mail from a law firm. Curiously, I opened the envelope, and read the title of the enclosed letter: Notice of Proposed Class Action Settlement and hearing to Chase Credit Cardholders I was instantly reminded of the terror that I felt back in June of 2009 when we received five identical envelopes in the mail from Chase; one for each of the credit card accounts we had with them. The letter inside stated that terms of our accounts were being changed, and the minimum payment percentage was being increased. Our monthly payment was […] Read more »
I Love You Like a Blogger Roundup 9/07
This weekend I’m attending the Financial Blogger Conference in Denver. Wednesday and Thursday were days to reconnect and network with other bloggers. There was also the 3rd Annual Plutus Awards where Enemy of Debt won for “Best Debt Blog.” Congratulations to TeamEOD for this very special accomplishment! I feel very honored to be part of Enemy of Debt! Here are some other award winning posts (in my opinion) that you should check out this weekend! Leaks in Spending from Net Worth Journey What’s The Point Of All This? from Financial Uproar How To Score Free Money From the Airlines from […] Read more »
Debt Freedom and Optimal Health is Ultimate Freedom!
I’M KICKING OBESITY’S ASS! Do you want to know how I feel RIGHT NOW? My idea of freedom has been elevated, expanded and has completely evolved into something I never expected. In other words, I thought debt freedom was total freedom but I’m blown away by the ultimate freedom I’m beginning to explore. If you thought I was some kind of freak before (about debt), now you’re going to think I’m a raging lunatic because the freedom I see before me has opened my eyes and has my undivided attention. In My World If you have debt and are not […] Read more »
How Am I Paying Off $109,000 of Credit Card Debt?
My wife, Vonnie, and I are on a journey to pay off 109K in credit card debt through the help of a Debt Management Program. We started our journey in July of 2009, and are expected to be rid of this behemoth mountain of debt in March of 2014. Some of you may be wondering, what exactly is a debt management program (DMP)? There is a lot of misinformation about the debt relief industry floating around, so I felt it this would be a great forum to explain what a DMP is, and how it is helping my family get […] Read more »
Does Your Wallet (or Purse) Reflect Your Financial Goals?
If you love sitcoms, you may be familiar with a show that aired during the 1990’s called Seinfeld. If so, surely you remember an episode that mocks the size and fatness of George Costanza’s wallet. He would put everything in his wallet including money, receipts, numbers, coupons and even candy. I was sitting in my office the other day and became painfully aware that my wallet had become just a little too thick. It was time to do one of those periodic cleansing of the wallet to purge those things that I don’t need to be sitting on for 10 […] Read more »
What My Friends and Family Don’t Know….Only Hurts Me
At mile 19 of the Twin Cities Marathon in 2003, I found my family, as well as my brother-in-law and his family cheering me on. Seeing their familiar faces provided me the instant mental “pick me up” that I so desperately needed to keep going. When you’re being challenged in life, having people there to support you can make all the difference. However, as I work to achieve the very difficult task of getting out of debt, I am missing the support of many of the important people in my day to day life. Because they have no idea what […] Read more »
If at First You Don’t Succeed, Try, Try AGAIN!
Are you a debt-hating maniac like I am? Are you successfully working your way out of debt so that you can live a less stressful and more financially productive life? If you’ve been reading this blog for any time at all then you probably know I believe more than anything in your ability to eliminate the debt from your life. Keep chopping away at your debt and one day you will reap the rewarding benefits of that freedom. Unfortunately, some people never find their stride. They’ve tried everything they possibly could, yet getting out of debt seems so unreachable to […] Read more »
Debt Free News #24 – Jeff Lundberg
The Enemy of Debt Questionnaire – Congratulations to Jeff Lundberg! How much debt did you have and how long did it take you to pay it off? We paid off over $65,000 in 22 months. How does becoming debt free actually feel? Does it feel better than you imagined it would? We paid off our last debt (besides the mortgage) last month. It feels great! We’re very excited to start building wealth and being able to give!? What were some of the struggles that you had to deal with along the way? Was there ever a time where you almost […] Read more »
Debt Free News #23 – Serguei Merzliakov
The Enemy of Debt Questionnaire – Congratulations to Serguei Merzliakov! How much debt did you have and how long did it take you to pay it off? Took a relatively small 20k loan to finance my nightschool studies (professional education with chartership at the end). Took 4 years of sweat to repay it as I became unemployed in year 3. Used advice from Eliminate the Muda, Wisebread, and The Motley Fool. Finally, going shopping with the list and not being afraid to donate old things (without replacing it) was also helpful – gave me understanding of my own spending habits. […] Read more »