My first post!
Musings on Debt
- Posted:
4/7/2009
Hi all,
I just wanted to say hello and that I am into debt reduction for the long haul. My big mistake was getting credit cards as a teenager and running up the tab with lots of emotional spending. My first step to reducing my debt is to stop adding to it, which I have been able to do for a couple of months now. Things are rough because my debt to income ratio is almost a wash right now, but I am trying to work online and save a bit more through frugal living to hopefully pay things off within 5 years. The fact that my car will be paid off in a few more months is going to help things substantially!
If any of you are parents of teenagers, I would say that it is imperative to teach them good financial habits long before they have the urge to run up a credit card bill. I wish my parents had done that, but they were in debt up to their eyeballs themselves, and have only recently been out of it. Of course, I can't blame them entirely, but a firm foundation is always best to start with, wouldn't you agree?
Here's to many posts and lots of debt reduction!
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