A while back I wrote a few articles about getting out of debt that became the Getting Out of Debt Series. After numerous requests, I decided to turn it into a free downloadable e-book as well.
The series/eBook basically takes you through all the things that my wife (Linda) and I have done to pay down our debts. When we got married we had about $40,000 of debt. Even though that was a sizeable amount of debt, we had a very strong desire to get rid of it. This intense desire drove us to make sacrifices that seemed pretty uncommon when we looked at those around us. But, as Dave Ramsey often says, “You have to live like no one else (now), so that you can live like no one else (in the future)”.
The Getting Out of Debt Series
- Getting out of Debt (Step 1) - Realize it is not about you
- Getting out of Debt (Step 2) - Open your mind
- Getting out of Debt (Step 3) - Create a balance sheet
- Getting out of Debt (Step 4) - Quit over-spending
- Getting out of Debt (Step 5) - 15 ways to cut expenses
- Getting out of Debt (Step 6) - Make sacrifices
- Getting out of Debt (Step 7) - Snowball your debt
If you go through these articles and just do some of the stuff mentioned, you are likely to be in much better financial shape than you were before. But, I recommend that you sit down with each article and really spend some time with it. The last five articles are going to require some actions on your part. So, spend a couple weeks and make getting out of debt your new hobby and work hard at it! You will be rewarded for your efforts!
If you need additional help cutting your debt load, you can check out some of the books, tools, and software below…
Recommended books to help you get out of debt
Recommended tools and software to help you cut your debt
| Name | Price | Notes |
| DebtGoal | $11.95 /month | Debtgoal is an online tool that allows you to manage and track your progress as you pay down your debts. The website leads you through a step-by-step process and helps you create your debt reduction plan in about 10 minutes. You can enter your information manually or link to your online accounts and automatically update your accounts. |
| Zilch Debt Reduction Software | $39.95 | This tool takes into account all of the details surrounding your debts, interest rates, current payments, outstanding balances, etc… and quickly and easily turns it all into a month-by-month detailed debt elimination plan. |
| YNAB3 Budgeting Software | $59.99 | YNAB is actually a budgeting and money management software but according to a survey of YNAB users, the average YNAB user pays off $500 in debt in their first 31 days! |
More articles to help you cut your debt
I have written quite a bit about debt on this site, since I spent a lot of time battling the debt monster. These are a few other articles that will help you along your journey to get out of debt.
{ 9 comments… read them below or add one }
The single most important piece of advice that I can think of is to “Just do it!” It’s far too easy to read about, plan for, think on, dream of, and otherwise put off getting out of debt. I have spent far too much time listening to DVD’s, reading books and blogs, and not nearly enough time putting into practice the knowledge that I learned.
Go, right now, and start making the changes that you need!
This post is a great resource. I love how you clearly put all those resources in one clear and to-the-point post. Thanks!
Glad you liked it Nicki – I am planning on doing a bunch of topic & resource posts like this in the next month…
Dealing with debt can be a complicated thing. The software you recommend should prove useful. While they are a bit on the expensive side I’m thinking about checking similar software out.
One more item I have often recommended is a free spreadsheet I highlighted from Vertex42. It’s a great resource that lets you plan and track your debt reduction strategy using either the debt snowball or the avalanche approach.
This is a great and comprehensive list of resources. I’ve also signed up for your free e-book, it looks interesting. I’ll be sending people here to view it first thing in the morning.
Great post Bob, what a lot of resources. It’s amazing that all this help is available if people just get out there and look for it. Sometimes, when debt problems seem insurmountable, all someone needs to pick themselves back up is a plan and some choices. You have provided a bunch of choices here. Kudos.
Every body,who spends more than he earns,is trapped into debt,which has be cleared tactfully,without losing moral or ethical values.One of the best ways is to borrow for a long term,by doubling the loan amount,from friends and relatives and invest in long term assets like,shares,land and other securities which have fundamental value.When the values go up,much higher than your debt amounts,dispose all of them and have a relaxed and peaceful life.
If you are a self employed person,do not concentrate on so many businesses,but concentrate on high margin business.Every year the surplus is to be invested properly and thus get rid of the debts.
Wow those are some great resources! Thanks for the resources, I’ll look into getting some of the books!
Hi Bob,
Great post with a ton of useful resources. A while back I wrote a post about how simple but important it is to earn more than you spend. This (IMO) sets up everything else and gets one going in the right direction. I have always associated being debt-free with “economic freedom” For when we are in debt to others we have essentially “sold forward” our labor, time and resources. Being debt-free is so worth the effort.
Take Care, Mike