{"id":246,"date":"2013-09-18T18:18:48","date_gmt":"2013-09-18T18:18:48","guid":{"rendered":"https:\/\/blogs.wp.missouristate.edu\/finaid\/?p=246"},"modified":"2013-09-18T18:18:48","modified_gmt":"2013-09-18T18:18:48","slug":"debt-savings","status":"publish","type":"post","link":"https:\/\/blogs.wp.missouristate.edu\/finaid\/2013\/09\/18\/debt-savings\/","title":{"rendered":"Debt &amp; Savings"},"content":{"rendered":"<p><b>How can we avoid becoming part of the debt trap?<\/b><\/p>\n<ul>\n<li><b>Recognize the Trap.<\/b> Traps work because they\u2019re disguised \u2013 they\u2019re not easily seen or recognized. A trap is a lie.\u00a0 Ask yourself these questions: What\u2019s the lie of debt? How is it disguised?\u00a0 Here\u2019s how it is commonly misrepresented \u2013 \u201cYou need to build your credit to improve your FICO score., You deserve it!,\u00a0 It\u2019s a part of the American Dream., Everybody\u2019s got debt.\u201d\u00a0 Who would want you to believe a lie about debt?\u00a0 Credit card companies, banks, credit institutions make TONS of money when you live in debt!<\/li>\n<li><b>Escape the Trap.\u00a0 <\/b>GO, to the point of exhaustion!\u00a0 Don\u2019t sleep until you\u2019re free!<\/li>\n<\/ul>\n<p><strong>Three steps to getting out of debt:<\/strong><\/p>\n<p>(1)\u00a0\u00a0\u00a0 Stop borrowing money!<\/p>\n<ul>\n<li>You can\u2019t get out of a hole if you keep digging it.<\/li>\n<\/ul>\n<p>(2)\u00a0\u00a0\u00a0 Get gazelle intensity.<\/p>\n<ul>\n<li>You don\u2019t ease your way out \u2013 you break out.<\/li>\n<li>Cut spending.<\/li>\n<li>Go bare-bones.<\/li>\n<li>Sell stuff.\u00a0 You\u2019re in debt because you bought stuff you couldn\u2019t afford \u2013 sell some of it!<\/li>\n<li>Get a part-time job.\u00a0 Not a long-term workaholic, but this is a sprint \u2013 get crazy.<\/li>\n<\/ul>\n<p>(3)\u00a0\u00a0\u00a0 Attack debts one-by-one.<\/p>\n<ul>\n<li>Use the \u201cDebt snowball\u201d technique.<\/li>\n<\/ul>\n<p>If you made your decisions based on MATH, you wouldn\u2019t be in debt. Debt\/money is EMOTIONAL \u2013 use that to your advantage. There\u2019s ONE MORE THING TO DO\u2026<b>Destroy the Trap. <\/b>HOW? By SAVING!<\/p>\n<p><strong>Two simple saving steps:<\/strong><\/p>\n<p>(1)\u00a0\u00a0\u00a0 Save $1000 for emergencies immediately.<\/p>\n<ul>\n<li>Do this before you do the debt snowball effect.<\/li>\n<\/ul>\n<p>(2)\u00a0\u00a0\u00a0 Once you\u2019ve eliminated all debts except your mortgage, save at least three months worth of expenses.<\/p>\n<p>Then, even when life happens, debt has no hold on you. You\u2019ll no longer feel caught in the debt trap because you\u2019ll have destroyed it!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How can we avoid becoming part of the debt trap? Recognize the Trap. Traps work because they\u2019re disguised \u2013 they\u2019re not easily seen or recognized. A trap is a lie.\u00a0 Ask yourself these questions: What\u2019s the lie of debt? How is it disguised?\u00a0 Here\u2019s how it is commonly misrepresented \u2013 \u201cYou need to build your [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[8],"tags":[17,27,30],"class_list":["post-246","post","type-post","status-publish","format-standard","category-money","tag-debt","tag-money","tag-quicktips","entry"],"_links":{"self":[{"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/posts\/246","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/comments?post=246"}],"version-history":[{"count":0,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/posts\/246\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/media?parent=246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/categories?post=246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/tags?post=246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}