Fighting Debt
I recently read an article that stated outstanding student debt has risen to 1.52 trillion. A 145% increase over the past 10 years. Americans owe more in student debt than credit cards and auto loans. You can read the article here. There needs to be a better way to further our education than raking in debt. Debt is something we should fight off!

And It’s worth the fight. Being overloaded with debt increases stress, which causes mental, physical and emotional issues. Debt has a way of controlling the way you live. It’s worth the fight to get out of debt.

“Never spend your money before you have it.”
– THOMAS JEFFERSON

Just as the rich rule the poor,
so the borrower is servant to the lender.
Proverbs 22:7 NLT

Fighting Debt

Step 1

Know where you are. It’s hard to fight what you don’t know. Review all your debts. List the balances, interest rates, and monthly payments.

Step 2

Choose your fight strategy. Snow Ball Calculator The Snow Ball strategy throws as much money at the lowest debt while paying the minimum on the others. Once that debt is paid, use the money toward the next debt. Therefore, creating momentum as you pay off debt.
Stacking strategy is focusing on the highest interest rate first.

Good planning and hard work lead to prosperity, but hasty shortcuts lead to poverty. Proverbs 21:5

Step 3

Sell something you’re not using. Use the apps Let it Go or Offer Up. A simple way to get a little extra cash to fight the debt.

Step 4

Earn extra income to fight with. Check this out.

Step 5

Change your lifestyle. Take a hard look at the way you live. Consider tracking your daily expenses. You may be surprised how much money your spending on crazy things. Cut, sell, downsize.

The fight is real. If you are in debt, you are fighting for your freedom. So, go ahead and stir up your inner William Wallace and let the revolt begin.

How do you fight off debt?