Confession is good for the soul

I have been struggling with debt in recent years. It is all mine from before our marriage. I am not acquiring any new debt, but just trying to get what I have paid off. I have been reading a few personal finance blogs, listening to the Dave Ramsey Show, and in process of trying to find the best method for dealing and getting out of debt, I came across the No Credit Needed Network
I really do not talk about it much, but felt like I needed some accountability.

NCN as he is known on his blog has an incredible story about getting out of debt and how he has stayed out of debt. You can read about his story on his blog No Credit Needed Blog.

I have submitted a chart for creation on his website to help motivate me with regard to getting out of debt.

I am hoping to be out of debt soon and maybe I will call the Dave Ramsey Show and get to scream that “I AM DEBT FREE”

Here is a question to ponder:

What would our economy/society/culture be like if we were out of debt? How would things be ?

I have asked this question to different people and have received some surprising and different answers.

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2 responses to “Confession is good for the soul

  1. I’m of the opinion that debt falls into three categories:
    1.) Good debt: (eg. Mortgage on a house: Mortgage interest is deductible, housing generally appreciates in value over time. Another example: borrowing for business investment (say a contractor borrowing $$ to buy a piece of construction equipment that returns income).
    2.) Bad debt: Charging consumables to a credit card: restaurants, clothing, vacations, etc — AND THEN not paying that credit off totally at the end of the month!
    3.) Neutral debt: Eg. One has an old clunker of a car. It get s poor gasoline mileage and needs constant repairs and is not reliable. Borrowing to buy a new (or newer) car that is reliable and more efficient (better gasoline mileage) would be neutral debt in my mind.

    I have an interesting (IMO) quote (not mine!) on my blog today: “Debt … is like a tattoo; fun to have at first, but one day you realize it’s all a huge mistake. And tattoo removal, while painful and expensive, may be much easier than eradicating a debt burden

    What would our society (U.S.) look like without debt – it would not be a consumer oriented society. Debt drowns people and causes all kinds of hardship to the emotions and the soul. Debt drags down ministries (churches and schools) as well.

    Terry, you showed a lot of courage to be as transparent as you were on your blog today. God bless you Brother. Sincerely, Jim

  2. My wife and I have also been struggling with debt over the last several years and listen to the Dave Ramsey show regularly.

    I pray that God Bless you to become debt free soon.

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