you need to focus on interest rates, and do a bit of work in MS Excel.

The lack of understanding of interest rates vs. monthly payments and “small miracles” probably had something to do with you getting into debt in the first place.

Focusing on smart financial decisions in the long term vs quick emotional fixes is the goal of “getting rich slowly” right?

Obviously it’s not easy. That’s why there aren’t many financially wealthy people in this world.

From my perspective, if you’re deep in debt, it’s very likely that you got into that position by doing a little too much playing. Now it’s time to pay the piper. By not playing for awhile, you can get yourself out of debt a heckuva lot faster than if you didn’t buckle down and just sacrifice for a little while. Nobody’s saying that you should eat ramen and wear rags for a year. But having fun you can’t afford isn’t a good plan for debt recovery.

That’s not to say that everybody who’s in debt simply overspent. I’m well aware that lots of people in debt were hit by circumstances beyond their control, like unexpected medical bills or unemployment. But that also underscores how important an emergency fund can be. Even the best laid plans can go awry, but a good plan can mitigate a lot of risk in life.

Sold my car and used the bus to get to work and back for a year. Used a bicycle to go to the bank, grocery shopping etc. I was lucky enough to live in a large city where everything is close together.

Sold my house (due to divorce) and lived in a one bedroom apt. during this time period.

Sold a lot of stuff at yard sale prior to moving into apt.

Limited alcohol purchases to maybe once a month.

No cable TV.

Take lunch to work everyday.

Strictly cash monthly budget during this year; paid off around $9,000 in credit card bills.

Found as many free entertainment options as I could (I’ll admit this is a lot easier in a large city, with parks, art festivals, etc.). If there is a university in your town it’s likely there is a lot to do there that’s available to non-students.

While some of this may seem drastic to readers, I was in a drastic money situation. Luckily I still had a good job and no dependents (just a cat).

I’m still on a monthly cash budget and take my lunch to work everyday. Now have another house, over 12k in money market emergency savings (in addition to conventional savings acct.), and a reliable car. I don’t buy anything on credit except when traveling, and the bill is paid off in full every month. The only “debt” is the house payment.

Avoid credit card debt like herpes, pay yourself every month, and don’t increase your “lifestyle” everytime you get a raise. Take the long view; interest is your life-long friend.

My five cents ….

I was caught up in the heat of the moment! I was on a roll! I was preaching with fire and brimstone!

I’ll strike it out.