Even the very best of us have fallen into the debt trap at some point in our lives. Whether you’re trying to pay off student loans or get that credit card debt erased, it can be rough trying to become financially stable. Luckily, there were several articles that hit the Web this week offering advice on avoiding or paying off debt. Read on for some ideas on getting rid of that pesky debt.
Bargain Babe points out that with careful planning she managed to graduate from college debt-free (a true rarity these days). She lays out 6 lessons that her parents taught her that were essential in preventing her from accruing debt, including knowing the ins and outs of interest, choosing the right credit card, and getting educated on investing. Even if you’re not a parent, these points make for good advice!
Guest poster Gary Dek, over at Broke Millennial, has some great words of wisdom for students (or parents of students). To avoid student loan debt, try applying for scholarships, picking a degree that will result in a high-paying job, or researching different loan options to make sure you’re getting the most bang for your buck. Taking these steps can actually help you avoid student loan debt altogether!
Kelly Whalen from The Centsible Life decided to share her personal debt story with her readers. She gives insight into how her family got into debt in the first place (an expensive mortgage and home repair expenses), and how they’re working to overcome their debt - by cutting down on purchases and bringing in more income. Whalen’s plan to face her family’s debt head on is inspirational for anyone worrying about straightening out their own finances.
Personal finance expert Shannon McNay wrote on the DailyWorth site about her quest to pay off her credit card debt. Although there was a long period of time when she questioned whether she would ever pay it off, she was eventually able to break even. However, she doesn’t recommend blindly choosing a balance transfer. Check out her thoughts to see what route you should take to pay off your credit cards
My Personal Finance Journey understands that many Americans get by on the bare minimum (rarely having the opportunity to stock away any savings). But, there is a way to break out of that rut. This post suggests cutting expenses, investing wisely, and avoiding accruing new debt - all ways that can help prevent you from relying so heavily on each paycheck.
Hope these recommendations are helpful in your journey to pay off and avoid debt!