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— MoneyLend (@MoneyLendNet) July 16, 2018
Much of the time, people know intellectually how to get out of debt. However, it isn’t necessarily a lack of knowledge that keeps them stuck. Rather, it’s the psychology of being in debt and feeling hopeless that keeps them stuck. If you count yourself among these folks, to effectively deal with debt, you need to take a multi-prong approach to your debt. In other words, you need both some inspiration and some real financial advice.
This post gives you a smattering of information about the psychology of debt, as well as some real go-to websites for getting out of debt. You’ll find some inspirational personal stories, too. These were people who had either small incomes or were deeply in debt -- up to $80,000 or more. Finally, there is a list of mobile apps that will help you organize your finances so that you can finally get out of debt for good.
3 Personal Stories
This article on Money Under 30 catalogs one man’s journey out of debt. He started with over $80,000 in debt and had it paid off within the space of about three years.
If you’re self-employed, you’ll appreciate this story on The Cut about a freelancer who paid off $22,000 in debt in six months -- on a low income. Interestingly enough, her strategy included giving herself some rewards, which can make all the difference when it comes to sticking to a budget.
The Well-Kept Wallet shares the story of a woman who paid off $93,000 in debt in about two years. Her big debt was her mortgage, and once she paid it off, she learned what making a budget without a mortgage payment was like. True freedom!
5 Helpful Websites
1. Dave Ramsey’s Blog
Dave Ramsey has become a legend among those who are deeply in debt. His Financial Peace seminars draw crowds by the thousands. And his books teach the basics of getting out of debt. He’s known for such terms as the “debt snowball,” and his no-nonsense approach to finances can usually help even the most financially challenged regain their financial health.
His blog provides numerous articles on debt reduction, savings, and other financial health topics. Recent blog topics have included “10 discounts most people miss,” “How to save for retirement if you don’t have a 401K,” and “How to pay for college without taking out student loans.” These articles tackle all areas of money, savings, and debt reduction, allowing blog readers to deal with anything that might be contributing to their debt.
If you want an easy and organized look at issues in personal finance from the beginning of adulthood until retirement, it’s difficult to beat Debt.org. The site has information about subjects like strategies for paying off your student loans, how to deal with unemployment, facts about loans and credit cards, and even retirement. You’ll also find information about debt relief services, as well as debt calculators. The information on the site assists people with not only budgeting but also with the difficult decisions they must make about their finances. It includes write-ups about debt management services, bankruptcy, and other topics.
Fastest Way to Get Online Debt Consolidation Loan Offers In Minutes
3. The Simple Dollar
Although The Simple Dollar website deals with personal finance in general, The Simple Dollar blog has numerous articles about money and about getting out debt specifically. It also has articles on topics that support getting out of debt: Such articles include information about living frugally, buying a house versus renting one, the types of credit problems that hurt you over time, and even how brown-bagging your lunch can change your financial outlook.
What’s most interesting about the blog on this site is that it really deals with the psychology and philosophy of money. It’s not just about numbers. When it comes to debt and financial health, attitude plays a much bigger role in a person’s success than a knowledge of numbers ever will. If you feel like you need more motivation to get going on your debt-reduction journey, this is a great blog to tap into.
4. Nerd Wallet
Nerd Wallet is a site you want to connect to if you want to learn more about some of the elements that go into budgeting to get debt-free. For example, many financial experts tell those who are in debt to get a second job in order to get out of debt faster: Nerd Wallet has plenty of information about finding part-time work, either online or with an actual brick-and-mortar company.
Helpful articles deal with how to find more cash, how to develop a budget, and even some debt calculation articles. Nerd Wallet makes the list due to its overall usefulness to the person trying to get out of debt. And like The Simple Dollar, it has tons of useful information about the philosophy of money. It imparts such wisdom as if you hate your job, you’ll overspend to distract yourself or how to cash in on compound credit.
Finally, the navigation on the site is user-friendly: Just go to the top bar and look at the different categories. Click on the categories and a drop-down menu will appear.
5. Listen, Money Matters
What makes Listen, Money Matters a bit different from the other entries on this list is its podcast. If you know that you need to educate yourself about personal finance but don’t have a lot of time to read books and article, spend your drive-time to and from work to listen to this podcast.
However, if you do have time to read books, blogs, and articles, the Listen, Money Matters podcast is still your thing: Each episode has a transcript of sorts that you can access via the website. Past podcast topics about debt or getting out of debt have included “How the national debt works,” “Good food on a tight budget,” and “Should you invest or pay off debt?”
3 Helpful Budgeting and Money Apps
The following apps are some of the most popular money and finance apps you’ll find. Download them onto your phone to keep your budget straight no matter where you are.
- Mint.com allows you to budget and manage your money easily. You get a heads up when your bills are due, making it easy to keep track of everything. Here’s a video describe Mint’s personal finance app:
- Acorns.com is an app that takes your spare change and invests it for you. This is a smart app to have for those who really want to do the debt snowball but don’t like the idea of contributing nothing to savings, investing, or retiring. Here’s a video describe how Acorn works:
- PocketGuard.com gives you an at-a-glance look at how much money you can spend right now. In other words, if you just want to know how much cash you can spend at the movies, without having to take a long look at your budget, this app is for you.
What are some debt-reduction strategies that you’ve tried?