Articles on debt reduction

Dave Ramsey
A debt consolidation guru wrote this short article on debt consolidation and reducing debt. I found it very insightful to say the least.

The Truth About Debt Reduction

 

 

By Dave Ramsey
Myth: Only the rich can be debt free.
Truth: Anyone can become debt free. True debt reduction is plain common sense and hard work.

Many hard-working people get into debt because of mistakes. I work with those people every day. I'm talking about them—those who are willing to keep working hard—when I promise that there's hope to get out of debt and have a financially peaceful future.

Beware of Quick Fixes

But then there are lazy people who look for a quick fix, such as debt consolidation or debt management. Real debt help is not quick or easy. Laziness is a character flaw. You need to be willing to work and sacrifice in order to fix the situations that you created with your own irresponsibility. If you are not willing, then you cannot be helped.
Are you willing to get another job and work a few 80-hour weeks? If you are in financial stress because of something you've done, you need to get yourself out of the mess by working. If you think that it is too hard, you will never get out of the debt that you brought upon yourself.
Laziness is a sickness, and it will get you absolutely nowhere in life. We all make mistakes, but the question is whether you are willing to take responsibility for your mistakes! You need to learn from your mistakes or you and your children will be doomed to repeat the cycle. How badly do you want to be out of debt?

How to Get Out of Debt

We've developed a little process called the debt snowball to do one thing at a time and keep the debt reduction process simple. I have been broke. I know how scared I felt, and I know how fast I wanted to get out of debt. I know how you feel, and I have learned that what really works is unbelievably fierce, focused intensity.