Debt Movement Roundup: Knowledge is Power

414527194_3f3f91a74cYesterday marked the official launch of the Debt Movement. We have about 2,000 people signed up and are ready to reach our goal, to pay off $10 million in 90 days!

I am a firm believer in the phrase, “knowledge is power”, so this week’s roundup includes lots of great posts with information you can use as you begin your journey to debt freedom.

Debt be gone

  • Money Smart Life Earning More and Spending Less to Pay Down Debt “When it comes to paying down debt, people often focus on finding ways to cut spending. Others try to find ways to earn more money. In truth, in trying to payoff debt – especially if it’s a large amount – you’ll almost certainly need to do both.”
  • Generation X Finance Good Debt vs. Bad Debt “Although debt is bad it may not be the best idea to shun it completely. The goal is to have an understanding of debt that is good and debt that is bad. Having a knowledge of debt allows you to effectively manage borrowed money. Good debt will consist of things that you will need, but cannot afford to purchase using cash. Any items being bought with borrowed funds that are not otherwise affordable or not needed is bad debt.”
  • Man vs Debt What’s the Best Way to Pay Off Debt? “Weight loss is complicated. It’s a mathematical equation – and yet it isn’t. There are emotional variables at play that make it hard to “balance” your equation! I bet you can see where this is going. Getting out of debt is complicated. It’s a mathematical equation – and yet it isn’t. There are emotional variables at play!”

Home Sweet Home

  • Budgets Are Sexy Do You Know What Your “Debt-to-Income” Ratio Is? “Well, it’s pretty much exactly as it sounds: all your debts compared to your total income. Or more specifically, your total monthly debts (using minimum payments) divided by your total gross monthly income. So if you pay, let’s say, $300 a month for all your loans and you bring in $1,000 total a month (before taxes), your debt-to-income ratio would be 30% ($300/$1,000). Which is fairly healthy and normal for a person.”
  • My Personal Finance Journey 3 Tips To Pay Your Home Off Sooner “If you’ve considered buying a home but haven’t taken the plunge yet, one of the scariest things about it can be the time frame you’re looking at. Whether it’s your first home, a new home, or just a frustration that your current home is taking so long to pay off, let’s talk about a few steps you can take to pay off your home sooner.”
  • Money Crashers Subsidized Housing & Government Rental Assistance Programs “While government-subsidized rent certainly isn’t the only option you have, it can be the most reliable if you qualify. Taking the first steps towards filing for federal assistance can seem daunting, but with the right research, it’s easier than you might think.”

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NewBrandCramer_About the author:

Suzanne is a Certified Personal Finance Counselor® and Social Media Specialist for CareOne Services, Inc. She supports the Ask the Expert forums as a coach and writes for A Straight Talk on Debt. Suzanne is a divorced, single mom living in Pennsylvania.
  • My Personal Finance Journey

    Thanks so much for the mention!

    • Suzanne Cramer

      You are welcome! It was a great article :)