Presenting the Carnival of Debt Reduction #116

Thank you for stopping by this week’s Carnival of Debt Reduction. From the carnival website:

Carnival of Debt Reduction is a weekly blog carnival that highlights posts on getting out of debt. Personal debt reduction progress reports and posts about reducing debt are what this carnival is all about!

There were many submissions and as host, I have chosen to highlight the articles that follow the Carnival of Debt Reduction guidelines. Without further ado, I’ve selected a few articles as “Editor’s Picks”:

Side Effects of Being in Debt
“Being in debt certainly brings its long term side effects and I have my share too. After almost a year my networth is almost the same. I can neither ignore the fact nor get away with my pathetic financial condition. The debt that I took for getting certain things gave me an initial pleasure of owning and flaunting those things. But this pleasure had side effects too that I now realize.”

Paying as much as I possibly can vs as much as I could “afford”
“I’ve talked before about the attitude shifts that I’ve gone through in my quest to become debt free. The frugality by necessity, learning to budget and to assign every dollar a job, and losing my all or nothing attitude. But one of the things I haven’t really talked about is the shift from paying what I could “afford”, or basically, as little as I could to just get by, to paying as much as I possibly can.”

When Did the American Dream Become Debt
“This is something that has confounded and annoyed me for months if not years. Basically, buying a home always has a moniker in the media as “The American Dream”. This is actually one of the main selling point of the realtors and home builders when they try to sell to first time buyers. I really don’t understand why having a giant load of debt is considered desirable and why it should be a “dream.””

One Girl’s Quest: Getting serious about debt reduction
“A lot of debt reduction resources seem to be tailor made for people that are spending frivolously regardless of their debt load…We do not benefit from the “latte factor” principle because we have already cut back every possible expense that we can. So, what option does that leave? The only conclusion that I can come to is that you have to find a way to make more money. Period. Or you will never get ahead.”

When Does the 0% Credit Card Really Expire
“As I flipped the calendar to December, I had a note that one of the intro rates on our credit cards expires this month. I have a balance of $58,980 on my American Express In Chicago card at 0%. I looked at the terms, which I store in an excel spreadsheet, and read the following: 0% through billing period ending December 2007. Easy enough, just pay it off before the rate changes. So when exactly is that?”

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Here are the rest of the submissions about debt reduction, in the order they were submitted:

Should You Get Rid Of High-Interest Debt Before You Start Saving
“One of the most often asked questions I get is whether it is better to pay off high interest debt before starting a savings plan. The logical answer to that question would in most instances be to pay off high interest debt first.”How To Use The Law Of Attraction And Positive Thoughts To Overcome Debts
“And what changes are needed to help you to overcome your debt? There is a need for rest, relaxation, rewarding relationships, gratitude, service and good health. None of these have to die on one’s journey to prosperity.”

Psychology of 0% Interest Rates
“To the discerning and disciplined consumer, 0% balance transfers can be a useful tool. They give you an opportunity to drastically reduce fees while giving you some extra time to pay off your debt. But something else happens when you refinance your credit card debt at 0%: It removes the immediate pressure to pay the debt.”

8 Debt Signals that Tell You How Serious is Your Debt
“In this article, I also want to talk about another mindset preparation – knowing how serious your debts are. In most cases, people tends to avoid the issue of debts simply because they don’t know how serious their debts and financials are. They just don’t know they are living around the cliff and under the hot water. Because of this, most people don’t really take any actions or care about their finance until the problem becomes big enough to catch their attention.”

How to Get Rid of Credit Card Debt
“Over 75% of the United States population has credit cards or credit card debt, I am going to show you a few different techniques to paying off those credit card bills correctly.”

7 Steps Debt Reduction Illustrated
“Call each company and ask for a lower interest rate; also check if they will offer you a “no fee 0% APR” transfer*. If the first rep won’t budge, hang up and call again. There are good reps and bad reps, you don’t want to waste time with the bad ones.”

Tips to Consolidate Debt
“Consolidating debt, means that you bring together different loans and debts and place them in one or two specific accounts. This makes it easier to manage. Also consolidating debt often enables a lower interest rate to be gained.”

Great Credit Card Paydown
“It’s exciting to think of this new plan and to actually watch chunks of debt go away – but I know that regardless of the plan, the amount that I have to work with (my paycheck) doesn’t change and that it will take time, perseverance and some of that mental toughness that no one writes about…well…except for a blogger or two.”

Spread Thin? Spend Less and Earn More (and Get a Bonus)
“I’m feeling a little spread thin this month, and it’s making it hard to have patience. I really want to be throwing all of my money at my debt snowball, but unfortunately that’s just not possible right now.”

Debt Reduction Seminars
“Have you ever gotten those mailings that have two tickets in them for you to come to a hotel and sit through a seminar on how to make money, reduce your debt, buy real estate or the like? It appears one person had a question about them.”

Free Book: 7 Steps to 720
“That’s why I’m giving away my copy of 7 Steps to 720. I want somebody else to benefit from it like I did. It is an easy read since it’s only 115 pages long.”

Taking stock: How to Set out Your Statement of Affairs
“Once you’ve got it all recorded, you can update figures as your earnings, debts and spending patterns change, and model how much more money you’d have if you paid off your credit cards, or swapped your Sky TV subscription for a free library pass.”

Get to Know Your Credit Card Grace Period
“By paying off the balance in full within the grace period, consumers can avoid being hit with costly finance charges. But if you carry a balance each month, chances are you’re accruing interest on both the existing balance and any new purchases made, regardless of whether you pay off those new purchases within the grace period.”

Debt Reduction Tips from a Debt Free Mommy
“The vision of a debt-free lifestyle came early for me. My husband and I married at the tender age of 23. Like many newlyweds, we wanted a wedding, a honeymoon and a home to call our own.”

Step to Take to get out of Debt
“You cannot manage something you cannot measure. But it does not necessarily mean you should have all the details to have a good start. The initial things you should be aware of to re-establish your financial existence is to calculate how much you owe, how much you earn and how much you spend on a given time period.”

Take Control of Your Financial Situation – Part II
“Increase your income through either a higher paying job or a part-time business, and reduce your bad debt. Since the US economy is hemorrhaging with debt, this is what will be the focus here.”

Minimum Payment Gone Haywire
“What has changed on this account is our minimum payments. I pay attention to the minimum payments because, as our smallest interest rate in the snowball, that’s all I pay.”

Debt Reduction Tip: Divide and Attack
“Are you overwhelmed by the thought of trying to dig out of $15,000, $30,000, $60,000, or more of debt? Whenever the task at hand doesn’t seem possible, step back and divide the problem into small pieces that you can conquer.”

New! Free ‘Get Out of Debt’ Teleclass.
“If you’re struggling to make ends meet, or if your debt keeps you up at night, then this teleclass is for you! This is a free teleclass. All I ask is that you give me your most urgent ‘get out of debt’ and credit card questions.”

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Here are the other submissions that didn’t quite fit into the Carnival Theme, but are interesting:

Make coffee at home and save money
What Is The P/E Ratio And What The Price Earnings Ratio Means
Top 21 List of Financial Sotfware and Application for Efficient Money Management
The calm before the storm…
Go Outside the Box for Great Holiday Gifts
At Home Naturally
Frugal Friday 33: Saving Money on Christmas
How to Make Money Off Interest Free Credit Card Offers
It’s All Cash for Christmas
Be Rewarded for Shopping
How To Improve Your Skills And Get A Lucrative Job
How To Safely Borrow For A House Purchase
3 Reasons Why I Can’t Cry for Countrywide
Don’t Buy Things You Don’t Really Need For The Prestige Factor – Save The Money Instead

Thanks to those who entered the carnival and next week the carnival heads on over to Plonkee Money.

Posted by Tricia on December 3, 2007 at 8:47 AM in Carnivals/Festivals | 21 Comments »
You can leave a response or trackback from your site.



  1. Thrifty Karen responded:
    Posted: December 3rd, 2007 at 9:38 am

    Thanks for hosting.

  2. 7 Steps Debt Reduction Illustrated | Moolanomy responded:
    Posted: December 3rd, 2007 at 9:46 am

    [...] article was featured in the Carnival of Debt Reduction #116 hosted by Blogging Away Debt. For more information please visit the Carnival of Debt Reduction. [...]

  3. paidtwice responded:
    Posted: December 3rd, 2007 at 9:48 am

    Thanks for including my article and making it an editor’s pick! Great job with the carnival!

  4. 2007 News Archive | Moolanomy responded:
    Posted: December 3rd, 2007 at 9:49 am

    [...] – 7 Steps Debt Reduction Illustrated was featured in the Carnival of Debt Reduction #116 hosted by Blogging Away [...]

  5. Pinyo responded:
    Posted: December 3rd, 2007 at 9:53 am

    Thank you for hosting. Looks like a lot of good post, and I am sure a lot of work for you too.

  6. Editor’s Picks All Over, Hurrah! | I've Paid For This Twice Already... responded:
    Posted: December 3rd, 2007 at 12:03 pm

    [...] Personal Finance with Budgeting and Time Management: Two Surprisingly Interrelated Skills and the Carnival of Debt Reduction with Paying as Much as I Possibly Can vs As Much as I Can Afford. Hurrah! I am beaming I am so [...]

  7. 10KPortfolio responded:
    Posted: December 3rd, 2007 at 1:30 pm

    Very good point about your net worth. Even after paying off a lot of debt, your net worth does not rise.

  8. shawna responded:
    Posted: December 3rd, 2007 at 7:14 pm

    Wow, thanks for picking me as one of your editor’s picks!

  9. mbhunter responded:
    Posted: December 3rd, 2007 at 11:04 pm

    Thanks for hosting! Great job!

  10. Carnival of Debt Reduction » Blogging Away Debt has posted Carnival #116 responded:
    Posted: December 4th, 2007 at 1:47 am

    [...] to Tricia from Blogging Away Debt (who is now halfway toward her debt payoff goal!) for hosting this week’s Carnival of Debt Reduction. Her five favorites from this week’s [...]

  11. The Chef responded:
    Posted: December 4th, 2007 at 1:43 pm

    Thanks a lot Tricia for picking me up for the editors pick.

  12. The Digerati Life responded:
    Posted: December 4th, 2007 at 4:20 pm

    Thanks so much for hosting! Great list of articles here.

  13. The Baglady’s 100th Post! (A Self-Tooting Article) — The Baglady responded:
    Posted: December 4th, 2007 at 11:51 pm

    [...] featured as an editor’s pick at the Carnival of Personal Finance at Cash Money Life and the Carnival of Debt Reduction at Blogging Away Debt! Additionally it was linked by Karen Datko of MSN money’s SmartSpending [...]

  14. Frugal For Life » Blog Archive » Topical Carnivals December 3-4 responded:
    Posted: December 5th, 2007 at 7:22 am

    [...] Plastic Fish that posted my post Unplugging to Save Money Carnival of Debt Reduction – hosted by Blogging Away Debt, that linked to my post Debt Reduction Seminars Carnival of Personal Finance – hosted by Cash, [...]

  15. danielle responded:
    Posted: December 5th, 2007 at 10:05 am

    Hi there. While I just wanted to say congrats again on the halfway mark, I hadn’t realized that you reached your goal in savings. Congrats on that, too, you are making real progress. We recently racked up some debt, albeit not that much. It’s only 2K, and it’s mainly because of car problems, a new used car, and some job stuff with my husband. (He didn’t change jobs, but his job was planning a move, fell through, and business was slow at that time). We’ll get out, though, we always do, and so will you. Keep your head up.

  16. My Dollar Plan responded:
    Posted: December 5th, 2007 at 3:53 pm

    Thanks for choosing me as an Editor’s pick! I like that you took the time to separate the debt reduction articles. It made the reading much easier!

  17. Carnivals are in Town! | My Dollar Plan responded:
    Posted: December 5th, 2007 at 4:08 pm

    [...] Carnival of Debt Reduction [...]

  18. JW Thornhill responded:
    Posted: December 5th, 2007 at 4:56 pm

    These are some really good articles. Thanks for hosting them!

  19. Welcoming the Carnival of Financial Goals | Moolanomy responded:
    Posted: December 5th, 2007 at 7:38 pm

    [...] Steps Debt Reduction Illustrated was featured in the Carnival of Debt Reduction #116 at Blogging Away [...]

  20. Tezza responded:
    Posted: December 6th, 2007 at 4:45 am

    Thanks for taking the time to host a wonderful carnival. Some great posts in the mix.

  21. Journey To Financial Freedom » » Weekly Interesting Reads - Helping You Achieve Financial Freedom responded:
    Posted: December 10th, 2007 at 6:33 pm

    [...] Carnival of Debt Reduction at Blogging Away Debt with my post 8 Debt Signals That Tell You How Serious is Your [...]

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