Piles of Debt

This is the third post in a row on the subject of debt. Maybe you're getting the idea that I'm passionate about getting out of and staying out of debt. You'd be right. I'm tasting debt every day right now, but my wife and I have a plan to get out of debt and stay out. Most of it is based on scripture and Dave Ramsey's teachings.

Some things I've learned about debt from stuff I've read and from being in debt:

• It's easy to get into debt.
• It's even easier to stay in debt.
• It's even easier than that to build up more debt.
• It's easy to convince yourself that you need debt to build up credit.
• It's easy to convince yourself that you'll only use that credit card for emergencies.
• Eventually, you compromise and suddenly that PlayStation 3 is needed for an emergency.
• Banks make a living off of your debt.
• Banks will convince you that debt is necessary to build credit, and credit is needed to buy a home.
• You don't really need debt to get credit, but you'll have to work a little harder to obtain a loan without a debt record.
• Once you've built up debt, money you would've spent freely now goes to the bank to pay the debt.
• Debt is not the same thing as utility, grocery and gas expenses.
• You don't need debt to live.
• Debt collectors can sound sweet, but are really snakes looking to get access to your bank account.
• Never give a debt collector electronic access to your bank account.
• After years of being in debt, you can probably remember the first foolish credit card purchase that got the snowball rolling.
• It's easy to fool yourself into thinking you're doing life the right way by living with debt.
• You can see how foolish you've been after you have built up a crippling amount of debt.
• Getting out of debt with your life in one piece is not easy.
• Bankruptcy and debt reduction isn't a very good solution for debt relief.
• Cash is much, much, much, much better than credit.
• Ramseyism: 100% of bankruptcies and foreclosures happen to people in debt.
• Companies that claim to be able to reduce or eliminate your debt do more damage to your credit than if you had just dealt with your problems on your own.
• The easiest and most honest way to get out of debt is by working hard, putting every dime toward paying off the debts, and tackling them one step at a time...aka Total Money Makeover.

Okay, that's probably enough for now. Friends, I'm passionate about getting out of and staying out of debt. I want my freedom to spend my money as I please. I urge you to check out Dave Ramsey's website, his books, radio and tv show.

The dude speaks from experience and a biblical perspective. He knows what he's talking about.