Comments on: 5 Creative Ways to Reduce Your Debt

By: Lisa P

Lisa P — Mon, 17 Nov 2008 08:48:03 +0000

Being creative is not a bad attribute. When it comes on reducing our debt we must be really creative about this. The credit disaster is still in full swing. It’s vital at this time that those of us that have credit worries looming, engage in credit repair, but there’s something that’s even more vital. We must teach our kids about money management, lest they meet with the same fate in the future. Visual aids, savings plans for stuff of their own, there are many great methods for teaching kids to be money-smart. They also need to know about the three biggest items of credit that they will deal with in their lifetimes, and those are cars, houses, and perhaps the most dangerous of the three, credit cards. All three can land anyone in boiling hot water very quickly, and it is vital that our children be taught about responsible use and planning from an early age. Many Americans have to resort to credit repair services, and while there should be no stigma about it due to the behavior of the credit industry of late, it is better to have planned properly, which is precisely the lesson our children should learn.

By: Tom

Tom — Tue, 28 Oct 2008 01:54:58 +0000

Cutting up the cards is definitely the way to go. It’s too easy to whip out the card for things gas, or even small purchases like a latte at starbucks. It all ads up and if you don’t have it you wont spend it.

I’ve also read that deactivating the card signals the credit agencies that you don’t trust yourself with credit so cutting the card up is a better way to go than deactivating it I hear.

By: The Happy Rock

The Happy Rock — Mon, 28 Jul 2008 20:11:59 +0000

@Diana – I know people have done it and it hasn’t effected the card. I still like cutting them up though.

@nick – I agree being creative is a great idea, although you don’t want to pass up obvious time proven solutions and get to creative either.

@Polina – You are right, getting a raise has a huge long term benefit but is often tough in most situations.

By: Carnival of Debt Reduction 150: College Tuition Bills

Carnival of Debt Reduction 150: College Tuition Bills — Mon, 28 Jul 2008 17:17:33 +0000

[...] Heather guest posts at the Happy Rock and lists 5 creative ways to reduce your debt [...]

By: Diana

Diana — Fri, 25 Jul 2008 01:40:31 +0000

I’ve ever read a tip to innactivate credit cards for moment by freezing it. This way is less extreme than cutting. The writer said that whenever we need to use the cards we can liquid the ice block…But, I’m not so sure if this is safe for the card. I have not trie it myself.

By: nick

nick — Wed, 23 Jul 2008 13:36:15 +0000

I really like your “be creative” part. Most people don’t think to be creative when it comes to saving money. Also see what you can go without. That will not only save you from spending, but allow you to put extra money towards you debt. Also, when asking for a raise, be sure to focus on why you deserve it and not because you are in debt. Looking for a better job is also an option.

By: Polina

Polina — Wed, 23 Jul 2008 13:03:03 +0000

Wise points, especially the one advising to switch from cards to cash – when you can SEE the amount of money you spend daily (as with credit cards loss of money is not THAT obvious). Agree that it is vital to keep an eye on what you buy, and where you can buy the same thing + save a penny…
Raise is the best option, but the most difficult to get…