Thursday, January 10, 2008

Paying off Debt

About two years ago I paid off all of my debt. My goal was to pay off most of it by the middle of 2005 and clean up the rest by April of 2006 (the rest was new debt that I was going to acquire). I then paid off all debt by May of 2006. What was a challenge was keeping the debt away. My wife and I were buying everything on our credit cards like spending was going away for a long time. Although I was paying it off at the end of every month, we were out of control. Recently, we have moved to what I call a cash consumption method. So far this year it has been working for us. If however I find myself taking out cash enough to purchase another flat screen, then I will have to hire a personal treasury secretary so sign off on what I purchase.