What did & didn’t work for debt reduction
Getting out of debt took a lot of time and effort, especially in the early years. Here is a list of what did & didn’t work in my debt reduction efforts:
First, what did NOT work:
1. Borrowing money at a lower interest rate (shuffling my debt around)
2. Selling a car and replacing it with a different car.
3. Vowing to only use my credit card for emergencies.
4. Literally freezing my credit cards.
And what DID work:
1. Committing to not borrowing a single penny for ANY reason that didn’t involve blood. No matter what. I did not borrow another cent.
2. Cutting up every single credit card. Yes, ALL of them.
3. Focusing on what I did want (money in savings and all bills happily paid on time) instead of what I didn’t want (debt).
4. Tracking spending. ALL of it.
5. Totalling up all my debt and categorizing by interest rate and due date.
6. Deciding on a plan of action and sticking to it.
