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Thursday, November 16, 2006

How to Get Out of Debt

If you're groaning under the weight of debt, Get Rich Slowly has a nice article on eliminating it. It's a three step process:
  1. Stop acquiring new debt.
  2. Establish an emergency fund.
  3. Implement a debt snowball.
That means stop using your credit card, set aside some money ($1000 to start), and pay the minimum payment on all debts except for the minimum balance, which you will devote the remainder of your cash to.

I especially like the advice to close your World of Warcraft account although, for the trendy, closing down your Second Life might be more appropriate. If you have virtual real estate, it might be time to sell.

How to Get Out of Debt


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