I’ve been in the pf blog-o-sphere for a while now, and sometimes I see people whose debt balances just totally astound me, and up until recently, I never knew how they could get that high – some people with over 100k in non-mortgage debt alone! How on earth could someone do that, I thought. Well, it seems to me that part of the problem is time – that debt obviously didnt get there in 10 days, and it wont go away that quickly either. One of the other problems is owing a house – stuff is expensive, and stuff that’s crucial can go wrong at any time. If you dont have an emergency fund and there’s a water leak, you’ve got to fix it and get the water back on, asap! That stuff adds up fast. However, if you are in a lot of debt, you may consider some debt consolidation loans to make managing payments easier. At any rate – just wanted to say that those homeowners who got deep in debt because of it, I understand where you’re coming from now.
On to the best links this week:
Given that it’s around graduation time, there’s always room for money tips for new grads. From Eric at Narrow Bridge, there’s some great advice in here. Personally, I preferred to learn these lessons the hard (read: expensive) way, but you’ll be money ahead not doing what I did.
Also, Money for college project has some advice for new grads as well. Grads, take heed.
Beating broke talks about complacency in your gazelle intensity – I know that happened to me for quite a while, and im not on as tough of track as I was, but I’m back to making extra payments thankfully.
Kathleen at frugal portland has a truth smacking post getting out of debt is boring - and she’s more or less right. Once you get in all your big wins, it’s basically just a waiting game. Waiting till your out of debt, and hoping you dont pick up spending during that time.