It is well known that Americans use debt a lot! Recently there has been a lot of talk about a student loan crisis and I can completely see why. If there are many people out there with as much student loan debt as my girlfriend had when she graduated many new graduates will have little to no disposable income to keep the economy going.
Student loan debt isn’t even the biggest problem though. Credit cards and payday loans have extremely high interest rates that can keep you in debt if you don’t make an effort to pay them off quickly.
There is something that is hoping to change your debt situation. On January 2nd the Debt Movement started. That’s great… but what is it?
What Is The Debt Movement?
The Debt Movement is another Jeff Rose style movement and it is a GREAT way to start off the New Year. It will last 90 days and the goal of the movement is to have everyone who is involved pay off $10,000,000 in debt! That’s not a typo. $10 million is a lot of cash!
Personally, I have done well with my finances but I do have experience with debt myself. I had a plan and graduated from college debt free but I took out a car loan to build credit. I paid my car loan off before the end of the three year term and now only have mortgage debt myself.
That isn’t the whole story though… My girlfriend has some pretty major debt and I’m helping her save to pay it off. Once we get married I’ll be using the money I’ve been saving to aggressively attack her loans.
She graduated with a little over $80,000 in student loan debt and you can read more about Our Debt Pay Down Strategy here. As of the last update she only has a little more than $60,000 in student loan debt left and I had saved over $22,000 to help her pay them off once we get married.
How Do You Benefit From The Debt Movement?
The Debt Movement can help you stay motivated to pay off your debt. You can get tips and updates on how to pay off your debt straight in your inbox! In fact, The Debt Movement even has $15,000 in debt scholarships to help you pay off your loans, credit cards or other debt! So how do you join?
Get Involved! Join The Debt Movement
The first thing you should do is join ReadyForZero who has partnered with The Debt Movement to help people track and pay off their debt. ReadyForZero is a great tool that allows you to see all of your debt in one place and come up with a plan to pay it off.
After you’ve set up your ReadyForZero account make sure to make your debt payoff dollars available to be shown as part of The Debt Movement. It is completely anonymous so what do you have to lose? Just flip the switch in the picture below.
The last (and MOST IMPORTANT by far) step is to start paying your debt off! Let’s get the ball rolling and get to $10,000,000!
What type of debt do you have? How much? Let me know in the comments below! What do you want to have paid off first?