Debt is Bad

MVM #023 - Debt is Bad.

The Modern Victory Movement (MVM), is a concept based on WWI and WWII era victory gardens, war bonds and scrap metal drives. It is a call for the common folks to strive to be more self-reliant and conservation-minded, in order to participate in our "victory" over the economic, environmental and energy-related problems our world is facing.

MVM is based in two beliefs: One, that people can do much to improve their lives even during the difficult times that are ahead. The other, that both nature and people are important.

Eliminate debt and build savings.

We are facing difficult economic times. It will be especially difficult for the folks who are living paycheck to paycheck, in debt up to their eyeballs and with little or no savings. Debt – whether personal, business or government – is bad. It creates stress and makes one much more vulnerable to economic downturns.

In your personal life, work towards eliminating consumer debt – credit cards, car loans, payday loans, personal loans and installment plans. This will mean you have to put yourself on a budget and stick with it. It will probably mean putting off major purchases, avoiding impulse purchases and denying yourself luxury items. It may mean taking bag lunches to work. It may mean selling your car to get out of the loan. It may mean having a major yard sale to raise some money. It may even mean taking on a second job. It will take some sacrifice to eliminate debt in your life, but the benefits will be more than worth it.

Ten Dumbest Ways to Go Into Debt

Kathryn Tuggle has an interesting essay entitled 10 Dumbest Ways to Go Into Debt. Just click the link to read the essay in its entirety. Do you see yourself in any of those ten ways? Honestly, I have done five of the ten dumb ways at various points in my life. And I paid dearly for doing so. I wish I had all that money back from all the interest, penalties and just dumb purchases I've made in the past.

Help to Get Out of Debt

There is no magic wand I or anyone else can wave to eliminate your debt. You have to do that yourself. But it is possible. I've done it (with time, doing without and much work). You can do it to.

One resource I recommend is Dave Ramsey, author of The Total Money Makeover and TV and radio host. His website is http://www.daveramsey.com . What I like about Dave is the practical, down-to-earth advice and encouragement he gives. You won't get hot stock tips from Dave, but you will get common sense suggestions that will guide you in getting out of debt.

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