Tuesday, December 2, 2008

Debt Reduction Stratagies

It is nearly impossible to become rich while hauling around credit card, car or student debt. The first to steps (which need to happen simultaneously) are getting rid of debt and increasing income. To get a basic understanding of the first step of that I have two resources for you. Dave Ramsey has written a book, Dave Ramsey has outlined the steps in his book: The Total Money Makeover: A Proven Plan for Financial Fitness. This plan has worked for thousands, and for me. I am not going to try and re-write what he said, because he says it best. I did, however, take his debt reduction strategy "The Debt Snowball" and wrote an article simplifying it . It will not replace what you will learn in his book, but it can give you a jump start.

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