Blogging Away Debt Our Journeys to a Debt-Free Life

Nov 14, 2006 |

Festival of Frugality is Up!

The Festival of Frugality is up at Experiments in Finance. There’s plenty of articles to read, so enjoy 🙂

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.