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What is your background with debt and how did you conquer the financial obstacles in your life?
My financial life was chaotic and like many others, I had a breaking point where I realized I HAD to get things under control.
When my wife and I got married we had about $45,000 in consumer debt and we were determined to get it paid off ASAP!
We stuck with and like Dave Ramsey always says, we lived like no one else, so someday we could live like no one else.
How did you discover you had a desire to help other people overcome their debt problems?
During the process, I was spending a lot of time learning about money management and I just got excited every time I talked about it with anyone. The natural progression seemed to be starting a blog discussing it with others.
What is your WHY behind wanting to be a sponsor of the Debt Movement?
I know how tough it can be giving up so much to get out of debt and I also know how much of a blessing it was when we got a little extra help along the way. So, for me, being a sponsor is my way of giving back to someone else who could use just a little push in the right direction.
What’s the biggest hurdle you see people face when they first decide to pay off debt?
Not fully committing. The key is to be so 100% convinced that you MUST get out of debt that there really is no other option. If you don’t view it that way, it becomes much more difficult to reach your goal.
If you do view it that way, suddenly doing crazy things like taking a second (or third) job, selling your nice car for an older one, choosing not to eat out for a year, etc just aren’t that big of a deal any more.
What’s your number one piece of advice to help people stay out of debt for good?
Remember the pain of what it felt like at the worst moments and never forget it. I think the problem for most who fall back into the same trap is that they forgot how bad it was.
For me, I dwell on the wonderful feeling that comes with being debt-free and I remind myself how bad it was when we were strapped for cash because we owed so much to the credit card companies!
That helps me stay focused and not fall back into the same old patterns.
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Christian Personal Finance is one of the Debt Movement’s Bronze Sponsors, and is a personal finance blog owned and created by Bob Lotich. He is a Christian who wants to give help to his fellow men by giving practical tips to handle their own personal finances.