7 ways to avoid a debt relapse

Getting out of debt isn’t easy. But when you make that last payment, the overwhelming relief and freedom you gain from accomplishing such a huge feat can make it all worthwhile.

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119Comments
Sep 19, 2013 1:55PM
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Can someone please send this to every politician in Washington DC?
Sep 19, 2013 3:38PM
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I am finally just beginning my very long uphill climb towards my debt free goal. It's scary, and it's going to take a long time but I can't live like this anymore. I don't live out of my means, but I also have never had a budget. It amazes me how much money I've spent on things I thought where little, like a soda or coffee here & there or the occasional night out, etc. I can't even say I live paycheck to paycheck, I'm flat broke the day after payday, every time. It's going to take a lot of self discipline and dedication, keeping my eye on the big picture, but I pray to God it's worth it!
Sep 19, 2013 2:14PM
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Did this author ever have their salary cut while trying to keep a house, wife & 3 kids afloat? 

Sep 19, 2013 3:07PM
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Or just follow Dave Ramsey and get out with a proven plan.
Sep 30, 2013 8:37PM
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The best way to stay out of debt is never to get into debt in the first place. Me and my wife are 50 and our house is paid for.  We made the last payment in 2005.  We never had car payments or credit card debt.  We have only owned used cars never new cars. If you take care of an older car you will get years of service out it. We saved up a 20% cash down payment when we bought our home and in addition to the payment we added an extra principle payment on it every month. never have we been upside down in the value of our home. I learned my finances from my grand mother. She had a saying...." I pay cash or I do not have it and mostly I do not have it". She also said..."do not live within your means, do not live above your means but live below your means". We clear just right at $50,000 a year together and between our home value, cash on hand and retirement accounts we have a net worth of over $400,000.  We both believe in personal responsibility and those values were taught to us by our parents and grand parents.
Sep 11, 2013 9:11AM
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#8- Don't spend like you did before, dummy
Sep 19, 2013 2:36PM
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And most important:  Don't gamble! Gambling has caused more **** than any other addiction I know of!
Sep 19, 2013 2:11PM
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I like this article because it points out to see what triggers your spending. One topic I would have put in article is for married or living together couples, to be a team on finances. If one person is a saver and the other a spender, no matter what you do to save and pay off debt, you will never get there unless you are on the same page. I tell my children when they are ready to settle down and get married to pay attention to their signifigant others spending habits.

 

 

Sep 19, 2013 6:42PM
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What, Americans out of debt? We simply can't have that. That would mean more citizens are financially independent and not easily influenced by us politicians. Quickly, raise interest rates, lower wages, increase taxes. We must ensure our constituents remain enslaved to the lenders who are under our control thus ensuring we have a solid voter base!

The Modern Politician

Sep 19, 2013 2:14PM
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The key is to make a Budget.  Unless you know what your income and expenses look like on an annual basis, you are likely to waste a tremendous amount of money, and will likely live 'hand to mouth' for your entire life.

PS - Make sure to include monthly savings as part of the Budget.
Sep 19, 2013 2:14PM
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dont spend money you dont have..dont buy things you dont need..and put every dime you can into savings
Oct 1, 2013 8:55AM
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Here's a novel idea: stop buying things you don't need, with the money you don't have, to impress people you don't even like.
Sep 19, 2013 1:51PM
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Many places give you 6 months to a year no interest on products they say 90 % of people don'y pay it off in the time. I do so it's great bought a Plasma 52 inch. 700 $ with 3D one year no payments pay'd it off in 10 months now i own it no interest.
Sep 19, 2013 2:39PM
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Debt free is an amzing feeling, but it takes hard work.  My husband and I had hand me down furniture, no home improvements and minimal social spending for years.  When we paid of our last debt, the house, I was tempted to celebrate with a spending spree.  Luckily (but annoyingly) my husband is very level headed.  We have since bought some new furniture and started upgrading our home.  But we set a savings goal.  When our savings is at a certain point, everything over it is for splurge spending.  That means if I buy new shoes, then my bathroom remodel fund dwindles.  Once we've saved enough for the new purchase, we move forward and pay ca**** worked for us and kept me from buying little things I want but don't need in order to save for the big things I really want.  We've also found that offering contractors and such full cash and no financing can get us a bit of a discount.

Sep 19, 2013 4:43PM
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Everyone I know that got into the red did it by over-extending themselves.  Too big of a house; too many kids; too many new cars.  Everyone wants the American Dream NOW!  Control yourselves people.  Only do what you KNOW you can afford!!!  I only have 2 kids, but have never been in debt either... I like my way just fine.
Sep 19, 2013 1:40PM
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Simply just spend money on necessities and not what you want.  Necessities are things like, housing-food and clothing but not to the extend that you overspend on more than what you need.  I for one pay cash for everything based on a monthly budget; I pay living expenses first and what I have left is what I have to either spend on other things or put in a savings.
Sep 19, 2013 4:09PM
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Suze Orman says when you see something in a store you have to ask yourself do you need it or want it?  It's the best way to shop. I am self employed and I have great years and lean years so I am not buying anything I don't need.
Sep 19, 2013 2:23PM
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Finally an article on this site that was written by somebody who makes sense. This is excellent advice!

Sep 19, 2013 3:46PM
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This article might be directed at people with jobs who didn't manage their incomes very well.
For the rest of the stricken,  can you tell us where a job that pays above minimum wage can be found?
Ok,  then tell is where ANY job can be found.

Sep 19, 2013 3:45PM
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# 8  ------   DIE and Don't leave a forwarding address.
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