By J.D. Roth
ZenHabits.net
June 22, 2008
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Last December, after twenty years of owing money, I finally paid off all of my debt (except the mortgage — and I’m working on that). Co-incidentally, Leo paid off his debt at the exact same time. I didn’t pay off my debt overnight. It took many years, and I made plenty of mistakes. But with patience and perseverance, I met my goal.
Along the way, I learned that for many people (including me), debt elimination involves three main steps:
- Stop acquiring new debt.
- Establish an emergency fund.
- Attack existing debt.
Based on my experience and the experience of many of my readers, I’ve compiled a brief guide to getting out of debt. The hints and tips below worked for me. They should work for most others in similar situations…