Thursday, July 12, 2007

We're in Debt blog

Found a very inspiring blog for those people who are in debt, it's called "We're in Debt" by the King and Queen of Debt. They started out 4 years ago with $150k in debt and have paid it off. The bulk of it $35k I think this past year.

What? How so? Well a very generous jump in income is where it all began. If you read his article "$35k paid in 1 year" the couple pretty much doubled their salary in 1 year. They went from $60k to I'd guess closer to $110k at least. I'm not sure. But with that increase in income it wasn't too tough to pay off $35k.

But they stuck to a budget and moved forward. That's the point though, no matter what your income you need to live within your means and move forward. Not everyone can double their salaries in a year. And not even lived a super extravagent lifestyle before so when debt payoff occurs suddenly tracking their expenses frees up 15% of their income. But it's a slow and definitive process.

Anyway it's a nice site and a good post.

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