And of course student loans form the third and most vicious head of the three - headed
consumer debt monster.
(Ok, so I am rather liberal with what counts... reviewing the kids» 529s counts, as much as paying an extra $ 100 to
the debt monster.)
You want to sock away extra money for retirement and other financial goals, but there just never seems to be any cash left once you're done feeding
the debt monster.
I've often advocated for «do it yourself» approaches to dealing with one's finances and have often recommended a few methods for getting
that debt monster out of our way on our OWN terms.
So, day after day, you take a bus instead of a cab, you brown - bag your lunch, and you whittle away at
the debt monster.
Being able to consolidate your balances allows you slay
your debt monsters faster, which will certainly make your holidays a little brighter — and improve your credit score.
Bankers such as McKay clearly are growing uneasy about
the debt monster they helped to create, but not so much that they are willing to give up feeding it.
Honestly, you will never defeat
the debt monster if you are still using debt.
We've been working hard to kill
that debt monster for a long time so please don't let this article confuse you into thinking that I support debt.
This is an important first step to managing your money and defeating
the debt monster — the budget, so don't working hard to make sticking to it a priority.
How are you planning on killing off
the debt monster?
This isn't a perfect science, but if you want to become debt - free and stay debt - free, then you'll need to budget, save for a rainy day, and kill off
the debt monster as fast as possible.
According to Belland, two things are necessary to slay
the debt monster: an understanding of why you got into debt in the first place, and knowledge of what you value.