Comments on: How To Reverse The Debt Cycle http://www.moneycrashers.com/how-to-reverse-the-debt-cycle/?utm_source=rss&utm_medium=rss&utm_campaign=how-to-reverse-the-debt-cycle personal finance blog Sat, 21 Nov 2009 04:07:50 -0600 http://wordpress.org/?v=2.8.6 hourly 1 By: Kristy @ Master Your Card http://www.moneycrashers.com/how-to-reverse-the-debt-cycle/comment-page-1/#comment-6549 Kristy @ Master Your Card Sun, 10 May 2009 21:43:13 +0000 http://www.moneycrashers.com/?p=798#comment-6549 I agree with Craig in that getting rid of the credit cards would be a bad idea in terms of credit ratings. However, to be fair, Money Crashers didn't say to get rid of the card accounts, just to cut the plastic up to alleviate the temptation. While you're paying down your debt, it may be something worthwhile so that it's out of sight, out of mind. You can always have your cards replaced later. Personally, my opinion would be to stick them in a safe deposit box, but that's just me. I like the simplicity of this advice because it's really the basics of getting out of the debt cycle. My biggest challenge - and to be honest, it's still one today - is the eating out factor. It is hard to cook for just one person. Not hard as in challenging to do, but hard as in lacking the motivation. I love to cook, but I like to share that with others. If it's just me, I'm more inclined to want to do something quick and easy. Likewise, my hectic schedule plays a part. I work 10-hour days at the day job, then have school and my freelance writing at night. Somewhere in all of this I'm also trying to finish my personal writing. It's a constant struggle with time and taking the time to cook is just not always an option for me; that is, I just don't want to take the time to do it. But, if debt is kicking your butt, cutting the unnecessary expenses is very important. I agree with Craig in that getting rid of the credit cards would be a bad idea in terms of credit ratings. However, to be fair, Money Crashers didn’t say to get rid of the card accounts, just to cut the plastic up to alleviate the temptation. While you’re paying down your debt, it may be something worthwhile so that it’s out of sight, out of mind. You can always have your cards replaced later. Personally, my opinion would be to stick them in a safe deposit box, but that’s just me.

I like the simplicity of this advice because it’s really the basics of getting out of the debt cycle. My biggest challenge – and to be honest, it’s still one today – is the eating out factor. It is hard to cook for just one person. Not hard as in challenging to do, but hard as in lacking the motivation. I love to cook, but I like to share that with others. If it’s just me, I’m more inclined to want to do something quick and easy. Likewise, my hectic schedule plays a part. I work 10-hour days at the day job, then have school and my freelance writing at night. Somewhere in all of this I’m also trying to finish my personal writing. It’s a constant struggle with time and taking the time to cook is just not always an option for me; that is, I just don’t want to take the time to do it.

But, if debt is kicking your butt, cutting the unnecessary expenses is very important.

]]> By: Craig http://www.moneycrashers.com/how-to-reverse-the-debt-cycle/comment-page-1/#comment-6543 Craig Tue, 05 May 2009 15:34:05 +0000 http://www.moneycrashers.com/?p=798#comment-6543 I think being responsible with credit cards is important. Cut at the debt, but if you use them wisely, you can help your credit score which can only help you in life. I don't think getting rid of them completely is the best thing. I think being responsible with credit cards is important. Cut at the debt, but if you use them wisely, you can help your credit score which can only help you in life. I don’t think getting rid of them completely is the best thing.

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