As my Debt Diet Challenge participants are learning, the fable of the tortoise and the hare has never been more true: slow and steady wins the race. When you’re staring at a mountain of debt, it can be difficult to think that there will ever be an end in sight. But small, steady progress will get you to where you need to be. To hear more about the ups and downs of the Debt Diet process, see what the participants are blogging about this week!
As I’ve told my Debt Dieters, when it comes to debt reduction, you can use one of two methods: you can snowball, or you can avalanche. The snowball method has you take care of your smallest balances first, so you get the psychological advantage of crossing loans (and debts) off your list. The avalanche method makes you focus on the debt with the highest interest rate first, which saves you money over time. Which method do I prefer? Check out my most recent blog post on credit.com to find out! And of course, the Debt Diet Challenge participants took to the blogosphere to write about their progress in their own words — as always, it’s a great read!
Want to know how my Credit.com debt diet participants are doing? Find out who’s saying goodbye to Mickey Mouse, who scored a $10.47 Italian dinner for two, and who’s willing to eat only Ramen noodles by clicking through to see what they’re blogging about this week!
As my Credit.com Debt Diet participants are finding out, sometimes the best way to get something done is through the buddy system. Whether it’s your spouse, friend or sibling, having someone who can give a little encouragement (or tough love!) is a key part of accomplishing any challenge — especially tackling debt! To learn more about why it’s so important to have a buddy, check out my latest Debt Diet recap here. And, want to know how the participants are doing? See what they’re blogging about here!
My Credit.com Debt Diet participants are still going strong, despite some unexpected obstacles. Chris’ sidewalk needed fixing, and Penny’s truck looked like it needed around $1,000 in repairs. Neither let this get them down, and both used the experiences as a reminder that you always need to have that emergency savings cushion. To read more about their progress, check out my post here. Or, if you’d prefer to hear about in their own words, see what the participants are blogging about this week!
Remember the five Debt Diet participants I chose through Credit.com? They’re back, and with reports of good progress. One decided to put extra payments towards the credit card with the highest interest rate, while another was able to save over $60 a month just from calling her cable company and asking for a better deal! To read more about their progress, check out my post here. Or, if you’d prefer to hear about in their own words, see what the participants are blogging about this week!
A couple of weeks ago, I chose five people through Credit.com to participate in the Debt Diet. Since then, I’ve been checking in with them once a week to monitor their progress and offer additional tips. And though it’s only been a few weeks, I think they’re making great progress so far. One participant finally sat down with her husband to make sure they were on the same financial page. Another refinanced her car — from 9.5% to about 4%! To read more about their progress, check out my most recent article here. And to read the participants’ personal accounts (they’re blogging, too!), check out this link. The Debt Diet Challenge is bound to be an interesting journey, so follow along!
This morning on Today‘s Money 911, we talked about everything from consolidating student loans to the best way to buy stock. To find out these tips and more — including whether or not the debt-ceiling crisis will affect you — check out the video clip below!
Visit msnbc.com for breaking news, world news, and news about the economy
This morning on Today I spoke with Natalie Morales about some of my best web sources to help you save better, spend less and invest smarter. To learn more check out the video clip below.
Visit msnbc.com for breaking news, world news, and news about the economy
In my latest Ask the Men’s Health Money Coach article, I discuss what you need to know when paying back your college loans.
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