Welcome to the Diamond Jubilee edition of the Carnival of Debt Reduction. Thanks John @ Mighty Bargain Hunter for letting me host this edition of the carnival. Before I start with the entries, let us briefly touch base with the history of the carnival.
The first edition of the Carnival of Debt Reduction was hosted at Mighty Bargain Hunter on September 19th, 2005. There were 11 interesting entries in this edition. Do check them out. The noble sentiments behind creation of this carnival are succinctly described in the “About” section on the carnival homepage. I am quoting the words here for all of you to read.
Successful debt reduction stories and good debt reduction advice needs more exposure, and people need to see that debt is not forever. Many inspiring debt reduction stories make their way into blogs, and it is encouraging to everyone involved — bloggers, carnival hosts, and readers — to have their successes and insights highlighted on a regular basis. The Carnival of Debt Reduction is a weekly blog carnival that highlights posts on getting out of debt. Personal debt reduction progress reports and posts about reducing debt are what this carnival is all about!
And now we are ready to proceed with the carnival entries. Enjoy. 
Entries with a personal touch on debt and related issues
Shift Your Thinking to Reduce Debt by Paul @ ExtremePerspective: A real life story from Paul about how a paradigm shift in their spending helped them out of debt. Some food for thought for those who are stuck on the latte factor.
How I Plan To Stay Out Of Debt by NCN @ No Credit Needed: This article is more about debt avoidance. It is directed towards people who get out of debt, but sooner or later go right back in because they don’t have a clear plan on how to steer away from debt. Always remember, prevention is better than cure; stop that debt before it gets you again.
Eliminating Mortgage Debt - New Thinking by Super Saver @ My Wealth Builder: Super Saver explains how paying off mortgage debt faster might help him to retire early. This sort of applies to all other kinds of debts (well at least applies to the ones with high interest rates); the faster you get out of debt, the more you will be able to concentrate on working towards a better retirement.
Breaking Down Your Debt by King of Debt @ We’re In Debt: Read about King of Debt’s experience on how a graphical visualization of their debt distribution is helping them reduce their debt.
I Don’t Love Capital One - How to Get a Lower APR, or Possibly Not by Andrea Dickson @ Wisebread: If Capital One has shrugged off your threat of “Reduce my interest rates …or else..”, you may not be alone with that kind of experience. Read what Andrea has to say about her experience with trying to negotiate her interest rates with Capital One.
Tax Refunds and Other Lump Sums by Rich @ Queercents: What would you do with your tax refund and other financial windfalls? Rich suggests using them to make payments towards your debt.
Commentary on other debt issues
Dave Ramsey is Good at Psychology by Nickel @ fivecentnickel.com: This article includes an collection of interesting comments (on a previous article) about how different people view Dave Ramsey’s debt reduction approach. According to Nickel, that’s more psychology than math. Here is one of the interesting comments mentioned in the article:
Yes, you save money by paying off the highest interest rate debt first, but you’re missing the psychological reward of not having to cut a check for those trivial debts, month after month.
Soaring Bankruptcy: Top 10 Reasons Why America is leading the World in Bankruptcy Filing by Rich @ Bankruptcy Reader. Rich elaborates on various reasons behind the rising bankruptcies in US. Look out for some interesting numbers in this post. For example:
According to the Federal Reserve, the typical family filing for bankruptcy owes more than one and a half times their annual income. A family that makes $24,000 a year will have $36,000 dollars in debt.
Debt management advice
A Step-by-Step Guide to Reducing Debt on an Irregular Income by ISPF @ Grad Money Matters: A 10-step approach to tackle debt on an irregular income. According to ISPF, the trick is in setting your priorities, in such a way that debt comes near the top, and then distributing your resources wisely among your priorities.
Get Out of Debt Now! by David @ Worldwide Success: The article explores ways to deal with debt and offers some common sense suggestions on how to reduce your debt load. Here is one such suggestion:
Whether you went into debt by your own fault or not, you must rid yourself of any guilty feelings and re-channel this negative energy into positive actions that will get you out of this situation.
Debt management by Andy @ Money Walks: Three simple and common sense steps towards debt reduction.
Getting Out Of Debt (Part 2) by Erek Ostrowski @ Verve Coaching. The article gives some practical tips on how to go about increasing your income in order to get out of debt.
5 Important Ways to Protect Yourself Against Job Loss by Steve Faber @ DebtBlog: Steve lists 5 rules that can help you to keep out of a debt black hole in the event of a job loss.
That’s all for this edition folks. Thanks to all the participants for contributing towards this milestone edition of the carnival. Click here to submit your articles to the next Carnival of Debt Reduction to be hosted at Money Smart Life.
A quick remark for those who might wonder about the term *Diamond Jubilee*. According to Wiki: “A Diamond Jubilee is a celebration held to mark a 60th anniversary in British and Commonwealth usage or a 75th anniversary in American usage.“
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Hey Golbguru: Thanks for hosting and including my article!
Golbguru,
As always, an excellent Carnival. Thanks for hosting and including my post.
By the way, you have become quite the Carnival Machine:-) I think this makes 4-5 hostings in 2007. Great job.
This is a fantastic job, GolbGuru. Thanks for the excellent effort you’ve put into hosting!
Debt is dumb … just like Dave Ramsey says. The sooner you deep-six your debt and connect with your cash, the quicker you get your life back. Is it hard to sacrifice the big-time lifestyle to get out of debt? As a rock. Is it worth it? You betcha. Thanks for spreading the debt-free word, baby!
Thanks guys. It was fun to put this carnival together. Hope you guys enjoyed it too.
Ugh. Debt is also a very ugly word for me. Imaginary Diva knows how finicky I can get when it comes to credit and paying it off right away. (I do a pretty good job keeping my credit cards away from her!)
Great tips and resources, keep it up!
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