7 Recommended Websites for Debt Reduction

I’m starting a new feature at Seven Actions called 7 Recommended Websites. Every week or two I will be posting seven Internet resources on a specific goal related topic. The first topic for this new feature is debt reduction. Since it is the goal of many of us to get out of or stay out of debt, here are seven excellent websites to help you achieve this goal:

1) Blogging Away Debt - This blog tells the story of Tricia and her husband as they work to eliminate over $37,000 in debt. The blog, and their debt reduction journey began in February 2006. Tricia keeps the blog updated with frequent stories, advice, and reports on her family’s debt reduction. Drop by today to see how much they’ve accomplished.

2) DaveRamsey.com - I first heard of Dave Ramsey while listening to talk radio about five years ago. Dave has a radio talk show where he gives financial advice to callers, usually on the topic of debt elimination. Dave’s personal story is one of huge success, losing it all, and coming back to even more amazing financial strength. Last year I read his book, The Total Money Makeover. In the book Dave uses his down-to-earth, easy to understand advice for building a financial future. I am a huge Dave Ramsey fan!

3) Debtspiration - How about some inspiration for eliminating that debt? Better yet, how about some debtspiration? Debtspiration is a blog of quotes to inspire and motivate you toward debt reduction. One of my favorite quotes on the site is from Larry Winget, “Affirmations are fine, but affirmations alone don’t change your life. You can say, ‘I am rich, I am rich, I am rich’ until your face turns the color of money, but until you stop doing stupid stuff with your money and start doing smart stuff with your money, you will still be broke.”

4) CNNMoney Debt Reduction Calculator - Need a practical tool for helping you plan your debt reduction? Here it is, a debt reduction calculator. You enter in your various debts and choose from one of three payment plans: pay only the minimum due, pay a set amount each month, or pay it all off by a certain date. Click the button and the calculator tells the story. Depending on the payment plan, you will learn how long you will pay, or how much each month. It’s a good place to start.

5) “Seven radical ways to save money” - This article by Jennifer Mulrean over at MSN.com makes the point that real savings is in taking meaningful action. Her seven steps don’t include reusing tea bags or putting off a haircut. Jennifer suggests that her seven ideas could save you as much as $1000 a month.

6) Get Rich Slowly - On April 26, 2005, J.D. Roth made a post titled “Get Rich Slowly” on his personal blog, FoldedSpace.org. That original post has been read by more than 100,000 visitors and lead to the creation of Get Rich Slowly (GRS). J.D. has also provided a forum for visitors that has active participation. In the future GRS may be adding new features such as personal finance calculators and public domain books and information.

7) No Credit Needed Podcasts - Each week you can listen to a 30 minute podcast on personal finance, debt reduction, and frugal living. I like to download the podcast and listen to it during my walks or in the truck. The style is like listening to a neighbor talk about managing money. The podcasts won’t be for everyone. But if you enjoy a conversational sharing of information, give it a try.

Well, those are my seven recommendations for debt reduction websites. Leave comments with sites that you’d recommend.

[Photo Credit:SqueakyMarmot]