Credit Card Debt Archives - Getting Out of Debt Q&A

Book Review – The Recovering Spender by Lauren Greutman

Lauren Greutman is everywoman. And her tale of coming back from a life of debt is inspiring. In her new book, The Recovering Spender, Lauren Greutman lays out her mistakes (like many of us), how she overcame them, and then how you can too.

The Recovering Spender by Lauren Greutman is half memoir and half “how to” book on taking back control over your finances and control over your spending.

I’ve often been critical of my fellow personal finance bloggers. Most of them fall into two camps. They typically are: #1 – fall along as I chronicle my life getting out of the massive credit card and student loan debt that I’ve created. #2 – financial experts with the degrees and background to back up the actionable advice and tips they provide.

I personally like, and fall into, the second category. I often do think that readers would care about my personal life. But, often, I’m in the minority of the personal finance blogging scene.

Lauren’s story is a classic personal finance blogger’s tale of too much credit card debt and overspending. Bloggers love to share their stories of coming back, and Lauren’s book is no different. If you love reading personal finance blogs, you’ll love Lauren’s new book.

A lot of readers love to follow along with the underdog and witness the comeback story first hand. And, most personal finance blogs provide that coverage for readers.

That’s what’s made Lauren’s blog, IAmThatLady.com (later rebranded into LaurenGreutman.com) so popular. If you haven’t checked out her awesome blog that started it all, you definitely should.

I have to admit…I was sucked into her story about working her way up the chain at a Multi-Level Marketing (MLM) company and using her credit cards to get ahead. Like most readers, I’m fascinated by the story. And, the book didn’t disappoint…it has a great opening story of Lauren’s fall and then ultimate comeback.

The Recovering Spender by Lauren Greutman

Lauren Greutman has been where many of you find yourself today. She’s been in debt and struggling. And, she’s clawed her way back. Her book, The Recovering Spender, shares her story, and it also provides readers with simple and successful strategies to overcome your debt.

The Recovering Spender Offers Hope

The Recovering Spender by Lauren Greutman is a book that offers hope. It’s a book for the American spender, those who don’t necessarily have Roth IRAs and stock portfolios. But, it’s for those guys too (believe it or not).

The Recovering Spender is a book for people who hate talking about money, who hate to budget. It talks about getting out of debt in plain English, which is something that should resonate with the readers of Money Q&A too.

It’s a book for people who have struggled with debt, continue to struggle, and want to get out of debt.

Top 3 Ways To Create Financial Stability In Your Life

by Hank Coleman

Financial stability is a terrifying phrase because it’s something we all aspire to, even if we don’t quite understand how to get there. The phrase calls to mind thoughts of sacrifice, eating ramen, and living paycheck to paycheck while you save every spare penny, but it’s neither that complicated nor that scary.

You can become financially stable without giving up your lifestyle or sacrificing all your luxuries – and although you may give up some of them, you won’t miss them once you find yourself on stable ground.

How To Create Financial Stability In Your Life

Tackle Your Debt First

Paying off credit cards, student loans, and other forms of debt takes a lot of money. Those monthly payments are sometimes insane and it can feel like you’ll never dig your way out of debt. Don’t fall for that. Instead, grit your teeth and prepare to make some tough choices. If you have credit card debt, focus on paying off the card with the highest interest rate first – that’s even more important than taking on the card with the highest limit. Focus on paying off one card at a time. You can even use the snowball method for debt.

You can also look into consolidating your debt. This isn’t the best choice for everyone and it may not work for you, but there’s no reason not to consider it. Consolidating all of your bills into a single, smaller payment may help you get a handle on your debt. It can also help you get back on your feet financially.

Don’t Skip Out on Insurance

You need to insure everything. That might seem counterintuitive since insurance plans cost money, but do you know what costs more? Replacing your furniture, appliances, and mementos if something happens to your house, and replacing your computer, your phone, or your car when they’re damaged.

Take the time to do your research, however. Whether you’re insuring your home, your expensive jewelry, or your new phone, check out different options, read an Assurant review, look into other providers, and pick the best policy for your needs.

Is it Ever Appropriate to Invest While in Debt?

by Hank Coleman

Should you invest while still in debt? When should you start investing? You may want to start investing despite still being in debt.

Is it ever appropriate to invest while in debt? The presence of the word “ever” in that question should be a hint that the answer is “yes”. If you figured that already, then good for you and right you are.

Is it Ever Appropriate to Invest While in Debt?

But it’s a “yes” with qualifications. Investing while in debt should be the exception to the rule. There are, however, a number of exceptions, some of which we’ll talk about here.

Investments that can be engaged in with skill, like binary options trades through Banc de Binary, are one such exception. These are trades that can be completed in seconds, which have the potential to multiply invested amounts several times over.

For those skilled at this method of trading, it’s a great way to make money, and can be used to gain the funds necessary for total debt cancellation. It’s also a risky proposition and one that should only be taken part in with money that won’t be missed if the investments don’t pan out. But for people who enjoy past paced and fun investment models, this can be a great one to add to your repertoire.

Most of the argument against investing while in debt comes results from a simple concept: debt tends to add up much faster than wealth. Investors hope for 7-9% annual returns from mutual funds and other stock market gains. But high interest credit card debt can accumulate at 25% annually – sometimes even more!

The math is simple. You won’t make money if you’re taking on debt faster than you’re growing wealth. If you have high interest consumer debt, there is almost no good reason to invest until it is paid off.