Ok so with financial meltdowns and all that, plus the run into Christmas, it is a good idea to get rid of debt where you can. Especially short term high interest debt like credit cards and personal loans. If you can get rid of these critters it means no more monthly payments, no more hefty interest hits and more flexibility.
Flexibility is a good thing to have in the current environment, some “buffer”, “fat”, “room to move”, call it what you want but Coach Pedro is fan of it and you should be too.
I hear you, sounds good to get rid of debt but how do you do this when there is only just enough to get by week by week? I understand, most of us are in the same boat. A damn good idea recently floated by a CC member was to sell some things that he did not really use. He could then get some cash and smack out that credit card debt. Take a think about this as it is as simple as it is effective. Do you need that second set of golf clubs? Do you need that old stereo? Have the kids stopped using that Piano for the last ten years? When was the last time you did some welding or used that windsurfer???
Trademe is your friend, it’s easy! You can turn those unused things into cash before they become worthless. Plus you also get to get a bit of clean up and get rid of some old stuff. Simple, just make sure you use that money to pay off that credit card and make sure the balance stays paid off from here on in! Use CC to make sure it stays level!
And hey let’s not get carried away here, there has to be some Coach Pedro reality! You only get rid of the stuff that you are not using and not attached too. Even Coach Pedro has a heap of stuff and the majoirty of those toys are staying put! But hey, there is stuff there that I have not used for years that I wouldn’t even miss.
Good luck on bashing that credit card debt!