Monday, March 21, 2011

how-to-erase-70000-in-debt: Personal Finance News from Yahoo! Finance

how-to-erase-70000-in-debt: Personal Finance News from Yahoo! Finance: "ow did you do it? We traded in the new Honda Civic that we had bought two months before for a used Jeep Cherokee, and we sold our other car. We canceled our cable and got a cheaper cell-phone plan, and we budgeted only for necessities and $25 a month each for spending money. We found better deals on homeowners and auto insurance.

Image credit: Christopher Churchill
Jaime Tardy
Surely a strict budget can't account for everything. We took on extra work to bring in more income. In my job as project manager for a video-on-demand company, I was paid $40 more a day to work on-site with cable companies. So I traveled a lot and worked 70 hours a week. My husband, who is a performing artist, was doing Web and graphic design on the side. We made $140,000 in 2006 and lived on about $40,000 of our post-tax income.

Did you get any help? I read every personal-finance book I could find. And I called personal-finance radio host Dave Ramsey during his show for advice. I had enough money in my bank account to pay off our last loan — we owed about $23,000."

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