3 critical tools for paying off debt

By MoneyBlueBook

by Gary Foreman

This article comes from Gary Foreman at The Dollar Stretcher.

Using the right tools for the job

This is the time of year when many people look at their debt situation and shudder. They dream of what it would be like to be out of debt. And, if they're brave, they begin to plan a strategy to reduce the amount of debt they carry.

They'll begin with high hopes, but many of them will quit before reaching their goal. They’re disappointed, discouraged, and defeated.

 Is there something that they could have done differently that would have given them a better chance at success? I think so. If you watch people long enough, you'll see some patterns and learn some lessons. Let's examine some of those lessons.

 You can find all kinds of advice about how to get out of debt. The web is full of the stuff. But, when you boil it all down, there are three things that form a foundation for a get-out-of-debt effort.

 It’s a marathon, not a sprint

First, don't expect immediate results. You won't be getting out of debt in a matter of days or weeks. The only way to eliminate your debts quickly is to inherit a large sum of money, win the lottery, or declare bankruptcy. The first two are unlikely. The third may remove debts quickly, but you'll suffer with a lower credit score for years to come.

 Recognize that it will probably take about as long to get out of debt as it took you Read the full article »

By Justin Boyle

Personal finance advisors can suggest all kinds of ways for you to get the debt monkey off your back. Most of these methods use a sort of technological approach to your money struggles, like negotiating zero percent balance transfers between credit cards or making use of budgeting software like QuickBooks and Excel.

A few friends of mine in Austin, the free-spirited and unorthodox capital city of Texas, are taking a considerably low-tech approach to money management that's proving impressively effective. They are, if you can believe it, carrying cash.

The story of the cash renaissance

It might come across as odd that Austin, known in some circles as "Silicon Hills" for its booming tech industry, is serving as an incubator of what seems like a technological step backwards when it comes to personal finance management. According to my Austin friends, though, the decision to switch from plastic to paper came about like a lot of things do in the birthplace of Whole Foods Market: organically.

Austin is home to a thriving culture of street food, served hot and fresh-made out of converted motor homes, trailers and ice cream trucks that aren't all credit-card ready. Additionally, many of the mom-and-pop taquerias in Austin's booming East Cesar Chavez district also subscribe to the policy of cash and cash alone at the register.

As these friends of mine started carrying cash to enhance their access to the world Read the full article »

By Doresa Banning

Editor's Note: Thank you for your interest, this offer expired and is no longer available.

Editor's Note: This offer expired and is no longer available. The Citi® Diamond Preferred® Card, issued by Citibank, is offering a 0 percent APR on both purchases and balance transfers for 18 months. To qualify, any balance transfer must be made within 4 months of opening your account. With this interest-free promotion, you can pay down or off existing debt on one or more credit cards or make and pay off large purchases -- over the 18-month period. Another plus is no annual fee.

Other information:

• See the Citibank online credit card application for full terms and conditions on offers and features.

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