Eliminating Debt Intro

“We all think we’re going to get out of debt.”

-Louie Anderson


Debt. It is something every American will experience in their life. Whether you buy a house, or a car, or even that new T.V. Debt will have a place in your life. We can leverage and control our liabilities, or they can control us. The average American household is carrying around $52,000 in balances. That is $10,000 less than the average teacher’s salary! How can you and me get ahead and become part of the 20% of the population that has no financial liabilities? There are three steps I am going to walk through with you all to eliminate my debt!

Stop Spending. Start Budgeting.

 It is easy to spend when you have the option to just swipe your credit card, or sign some auto or home loan papers and think about it later. The hard part of these easy choices comes when it’s time to dig yourself out of the hole you are in. I did my personal budget last week for the first time in a while, and realized that over 50% of my monthly income is going towards some type of debt. That blew me away. Thinking about the amount of money I am losing each month to interest almost killed me, almost. 

That budget moment may have saved me from falling off a cliff, it is clear I have let my debt control me but no more. Now I know what my total balances are, and I can create a system to track my spending, and take control. It’s going to be an uphill battle, but we got this! Say it with me “I will eliminate my debt!” 

white paper with note Photo by Bich Tran on

Create A Plan.

Now that I know what my balances are, and the interest rates that go along with them I can create a plan. My plan is going to consist of Five parts: First I am going to make all my minimum payments. Second, on my Auto and home loan I am going to split my payments into two a month to save money on simple interest principles. Third I will use the blizzard method for eliminating my credit card balances. The blizzard method consists of alternating between tacking the smallest balance, and the highest interest rate account. 

 The fourth part is where leveraging debt will come into play. I will use balance transfers, and refinancing my existing accounts to combine high interest accounts into a single more manageable interest rate. Last but not least, I will boost my income through better trading strategies, and some new income boosting hobbies, and all that extra income goes right to the debt. I will eliminate my debt! 

“I Will Eliminate My Debt.”

It is possible to beat debt. We are not our obligations, and I’m done letting liabilities control my life. I have forgiven myself for digging this hole, and now it is time to get out. If you are in a similar situation, know that you are not alone, and just say the saying: “I will eliminate my debt!” One of my favorite quotes of all times comes from Napoleon hill; “What the mind can conceive, and believe, it can achieve! Stay tuned for daily progress on my debt journey on the Free Market Nightcap, and thanks for reading! 


Written by Caleb Hogan from on August 29, 2021


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