How to Pay Off Your Credit Card Debt Fast

When you find yourself under a mountain of debt, there’s nothing more appealing than paying your credit cards off as fast as you can.

get out of credit card debt fast

One of the most commonly used methods for paying off credit cards fast is The Debt Snowball, made popular by Dave Ramsey. The snowball gives you tangible results and helps motivate you to pay off your debts, but it is somewhat controversial in nature because it doesn’t have participants pay off their highest interest debts first.

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Reader’s Story: Changing Your Financial Mindset for Success

Financial Mindset for SuccessOne of the favorite parts of my newsletter is where I share a personal story that made a huge difference in my life.

You have signed up for my newsletter, right? :)

I then ask my readers to share a similar story that has affected them.

Let me tell you….I love these stories!!! They are so uplifting and I can’t wait until the next one arrives.

This response by Elise was so personal and AWESOME that I had to ask her if she wouldn’t mind sharing it with all of you.

Thankfully, she obliged. You rock, Elise! :)

Here’s here story of how she changed her financial mindset for the better. Enter Elise….
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Dave Ramsey Financial Peace University 13 – The Great Misunderstanding

Friend and freelance writer Les O’Dell shares this diary entry from the 13th and final session of Financial Peace University discussing what types of life insurance you may need. FPU is 13-week course from national talk-show host Dave Ramsey.

Next to the lesson on dumping debt, week 13’s teaching was my favorite.  Despite an absolutely horrible night weather-wise (severe thunderstorms), my wife and I were looking forward to the evening. We were excited about finishing up Financial Peace University and wanted to hear what Dave Ramsey had to say about giving. We were not disappointed.

Tonight’s lesson was, in many ways, the goal for us. Based upon Baby Step Seven: Build Wealth and Give, the title of the lesson was “The Great Misunderstanding”. Ramsey said in the teaching for the evening that the reason for the title is that there is a great paradox when it comes to giving. He said that contrary to popular belief, the way to have more is not by holding on tightly, but rather having an open hand and giving.

A Change in Attitude

In giving, Ramsey taught, people tend to become less selfish. The result, he said, was that less selfish people tend to prosper more in relationships and in wealth. He said that understanding tonight’s lesson was very important: while a student can prosper by following all of the other lessons, it is only by giving that a person can truly have financial peace.

Lessons from the Bible

Tonight’s lesson spoke most clearly to those of us who are Christians. Ramsey taught the Biblical principles of tithing and stewardship. He said that in our giving we are more Christ-like and because we are designed in God’s image, we are happiest and most fulfilled when we are serving and giving.

He taught that giving is a reminder of who actually owns everything, it is a form of praise and worship and he likened giving tithes and offerings to spiritual warfare. He concluded the lesson and the course by saying that financial peace is more than just God’s system for understanding money, becoming debt free and building wealth. Financial Peace, he said is when The Great Misunderstanding is truly understood.

At that point in the evening’s lesson, my wife nudged me with her elbow and pointed outside. The storm clouds had lifted, the sun was shining and there was a beautiful full rainbow in the eastern sky. I got the point. I understood.

Course Wrap-Up

We had completely finished Financial Peace University. Through the 13 weeks we had learned a lot and reconsidered many of the decisions we had made with money. We came away from the class inspired and ready to tackle our finances and to begin making better decisions.

Financial Peace wasn’t everything I had hoped for; it was much more. The course was entertaining, educational and motivational. It was a great experience and an investment I’m very glad we made.

Les O’Dell is a freelance writer living in Carbondale, Ill. His work can be seen in a number of newspapers, magazines, publications and websites. He is co-author of the popular “He Said, She Said” newspaper column. He can be found on the web at www.lesodell.net. Les is not affiliated or endorsed by LPL Financial.

Dave Ramsey FPU 12 Real Estate and Mortgages

Friend and freelance writer Les O’Dell shares this diary entry from the 12th session of Financial Peace University, a 13-week course from national talk-show host Dave Ramsey.

Tonight’s Financial Peace University session dealt exclusively with real estate – buying an selling homes, paying for property and what sort of loans to look for when mortgage shopping. While the lesson itself was relatively short, the material covered draws on Dave Ramsey’s years of experience in the real estate field. As he tells his students and listeners, he made (and lost) millions of dollars in real estate in his early 20s. Then he learned the proper way to approach property and loans. That is what he taught tonight.
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Dave Ramsey FPU Week 11-Working in Your Strength

Friend and freelance writer Les O’Dell shares this diary entry from the 11th session of Financial Peace University, a 13-week course from national talk-show host Dave Ramsey.

This lesson of Financial Peace University was somewhat different than all of the rest. So far in the course we’ve talked about reducing debt, making better buying decisions and saving money – all things that deal with the “outgo.” This time, we learned about the income side of the equation.

As Dave Ramsey tells many of the callers to his radio show, “When you’ve got a big hole, it helps to have a really large shovel,” meaning that while income alone does not solve all financial problems, it certainly can help.
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Dave Ramsey FPU Week 9: Introduction to Investing

Friend and freelance writer Les O’Dell shares this diary entry from the ninth session of Financial Peace University, a 13-week course from national talk-show host Dave Ramsey.

An introduction

This week’s Financial Peace University lesson began the story of a man who never made more than $65,000 a year thorough his career, yet he was able to retire in his mid 50s with more than $1 million. He shared a simple philosophy: live below your means (Dave Ramsey calls it “acting your wage”) and save money in investments.
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Dave Ramsey’s FPU Week 10: All About Tuition

Friend and freelance writer Les O’Dell shares this diary entry from the 1oth session of Financial Peace University, a 13-week course from national talk-show host Dave Ramsey.

A Sore Subject

Tonight’s Financial Peace lesson, “From Fruition to Tuition,” was somewhat painful for me. Designed to go with some of the later Baby Steps (after debt is eliminated), this lesson deals with funding your own retirement and college for your children. Baby Step 4 is investing 15 percent of your household income into Roth IRAs and other pre-tax retirement plans. If needed, Baby Step 5 is to be done at the same time. It is save for your children’s college using tax-favored plans.
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Dave Ramsey’s FPU Week 8: That’s Not Good Enough

Friend and freelance writer Les O’Dell shares this diary entry from the eighth session of Financial Peace University, a 13-week course from national talk-show host Dave Ramsey.

Compared to the weighty topics covered in recent sessions of Financial Peace University, the teaching for lesson eight was more lighthearted could be beneficial to everyone. Instead of teaching how to make more money or reduce debt, in this lesson Dave Ramsey talked about shopping – how to find the best deals on items.
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Dave Ramsey’s FPU Week 7: Types of Life Insurance You Need

Friend and freelance writer Les O’Dell shares this diary entry from the seventh session of Financial Peace University discussing what types of life insurance you may need. FPU is 13-week course from national talk-show host Dave Ramsey.

The seventh week of Financial Peace University dealt exclusively with insurance. It was a lesson (believe it or not) I was actually looking forward to. My wife and I both used to work in the medical malpractice insurance field, and we both were licensed insurance agents. For that reason, I was overwhelmed by the thought of an hour and a half on insurance.

What is Insurance?

In the teaching for the evening, Dave Ramsey discussed the purpose of insurance – spending some money to keep lots more of it – and he gave a rather simple definition of insurance. He described the concept simply as a tool to transfer risk. Much like he taught about mutual funds, the idea is that a large group of people all pool their resources together to avoid financial catastrophe in the event of, well, a catastrophe. In the lesson, Ramsey discusses seven basic kinds of coverage:
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Dave Ramsey’s FPU Week 6: Buyer Beware

Friend and freelance writer Les O’Dell shares this diary entry from the sixth session of Financial Peace University, a 13-week course from national talk-show host Dave Ramsey.

“Caveat emptor”

It’s a Latin expression meaning let the buyer beware. I had always heard it and thought it meant be careful to not get ripped off, but in tonight’s Financial Peace University lesson, Dave Ramsey taught how the phrase should be a caution to consumers about spending and giving into marketing pressures as well as fads.

Ramsey shared how companies use every conceivable angle to convince us to purchase their products and services. He described the techniques and persuasions involved in personal selling, as well as the use of financing (including 90 days same-as-cash offers) as a marketing tool.
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Dave Ramsey’s FPU Week 5: Credit Sharks in Suits

Friend and freelance writer Les O’Dell shares this diary entry from the fifth session of Financial Peace University, a 13-week course from national talk-show host Dave Ramsey.

One More Myth

Carrying over the team of debunking myths that he used in the fourth lesson, Ramsey teaches in the fifth lesson of Financial Peace University that there is one additional myth: the importance of the almighty credit score. He explained how a credit score is calculated (calling it an “I love debt” score) and explaining how people actually can live without worrying about—or even having—a credit score.
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Dave Ramsey’s FPU Week 4: Dumping Debt

Friend and freelance writer Les O’Dell shares this diary entry from the second session of Financial Peace University, a 13-week course from national talk-show host Dave Ramsey.

Looking forward

This was the Financial Peace University lesson that I had been most eager for and the most excited about: how to get rid of debt. It’s the reason we had signed up for the class. Our enthusiasm was contagious—our 16 year-old-daughter and her boyfriend agreed to attend the night’s session with us. She’s expressed some interest in a career in finance, so I thought it would be a great experience for her.
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