Blogging Away Debt Our Journeys to a Debt-Free Life

Sep 18, 2006 |

Carnival of Personal Finance is Up!

This week’s Carnival of Personal Finance is up at a fellow Michigander’s blog (Free Money Finance).

I haven’t had a chance to look over the articles yet, but I’m sure there’s some great reading there.

Here are five simple guidlines that will help you pay off debt.

1) Get an emergency fund so you don’t take on debt when something comes up.

2) List your debts. This way you know where you stand.

3) Use the debt snowball. Pay your debts from smallest to largest, or most expensive to least expensive.

4) Avoid new debt. No new credit cards or loans. Period.

5) Go all cash. After everything is paid off, switch to all cash.