Carnival of Debt Reduction: It’s A Marathon, Not A Sprint Edition!

I’m honored to be hosting the Carnival of Debt Reduction today.  For those of you who might be unfamiliar with a blog carnival, this is a great opportunity for you find some great new “Debt Reduction” blogs.  On the other hand, if you are new to Man Vs. Debt I hope you will take the time to subscribe to daily updates through RSS or by e-mail.  I’m glad to have you here and you can get to know my family and our upcoming adventure a little better on the About Us page.

Over the weekend my wife completed her very first mini-marathon.  Indianapolis hosts what they claim to be the largest mini-marathon in the United States.  The winner was from Kenya and finished in just over 1 hour and 4 minutes!  Witnessing the festivities got me thinking about how the process of getting out of debt was much like the process of running a long distance race.  I have an enormous amount of respect for people who have done both.  I hope within the next few years, I can add both to my list of accomplishments!

Without further ado…

Man Vs. Debt “Editor’s Picks”!

• Mr. Credit Card presents  Blogging Away Debt Interview- Tricia eliminates $37,614 of Credit Card in 3 Years posted at Ask Mr Credit Card.  Tricia’s story is an inspiring one.  Over the course of the last 3 years, she’s been struggling to eliminate her credit card debt.  Luckily for us, she has chronicled her entire experience on her blog.  Mr. Credit Card took the time to interview Tricia after her accomplishment.  This is no ordinary interview.  It is lengthy, detailed, and thorough.  I’m super glad he took the time to put together such great questions and that Tricia gave such passionate answers.  A must read for anyone in debt!

• MoneyNing presents 20 Different Areas to Think About for a Cheaper Auto Insurance Policy.  This is a fascinating list, which contains several items that I guarantee you haven’t thought of.  Don’t believe me?  Don’t tell me you considered the 6th one down!

• PT presents What Debts Should You Pay Off First When You Get Extra Money? posted at Prime Time Money.  This is a great overview of the important things to consider when choosing how to pay off debt.  PT doesn’t dictate which ways are right or wrong.  He simply outlines the different options and provides some great direction on what to think about.  Check it out!

Using The Right Tools

Taking advantage of the right combination of tools is essential in long distance running. The most important of running is having a durable pair of well-fitted shoes.  Light-weight, breathable clothing can help maximize your efficiency.  Having a comfortable runner’s watch can help you track your progress and keep you on pace.  Lastly, gels, power bars, and liquids help give you the energy boost to finish strong.

For those of us struggling with debt, the right tools will also make or break us.  Developing a budget, creating a debt-elimination plan, and leveraging technology enable us to eliminate debt more efficiently. Here are some posts to help:

• Patrick presents Using YNAB Pro or Quicken to Get Out of Debt posted at Cash Money Life.

• DR presents Is Budgeting Keeping You Poor? posted at The Dough Roller.

• Debt Free Adventure! submitted a post called How Financial Maps help your overall Personal Financial Health.

• Leave Debt Behind presents Debt Settlement Letter Sample: How to Settle Your Debts Yourself.

• The Digerati Life presents ING Savings Comparison Tool: Compare Your Bank Balance With Your Peers’.

• Patrick presents Financial Planning For Military Families posted at Military Finance Network.

• Bank Savings Review reviews HSBC Direct Online Savings Account Review.

The Start:  Firing Out Of The Gates

The start of a race is always interesting to watch.  Inevitably, there are some who try to tear out of the gate and grab an early lead.  The more experienced participates will often run fast enough to avoid the slower crowd, but also won’t worry themselves about being in the lead.  They know there is a long road ahead and that finishing is much more important than leading the first couple of miles.

In the journey to eliminate debt, not much is different.  We all know what we need to do in order to get a good start.  Establishing awareness of spending, increasing income, and cutting back expenses are all crucial in this early stage. Here are some helpful posts to help with this:

• Matthew presents Focus on Bigger Savings First posted at Fine Tuned Finances.

• Momma presents 25 ways to save money and bargain shop posted at Engineer a debt free life.

• Automatic Finances presents How Automating My Debt Payments Saved Me Serious Money.

• Fabulously Broke …in the City submitted a post called Why I don’t like receiving gifts any longer.

• Studenomics outlines several Recession Tips For College Students.

• Michal presents Monster HDP 900G Blackout Power Center Surge Protector posted at Energy Saving Gadgets.

Overcoming Cramps, Aches, and Blisters

Inevitably, throughout the race there will be stomach pains, muscle cramps, and blisters forming on feet.  Runners know this and plan for how to handle them.  It’s just as much of a mental game and a physical one.

While struggling with debt we all have these inevitable barriers, as well.  For many, credit card debt is a continual source of these setbacks. Trying to use them responsibly or simply attempting to purge them altogether is an enormous task.  Other setbacks can include issues with balance and reoccurring addictions.  Here are some helpful resources:

• Free From Broke bluntly outlines why Credit Cards Suck!

• Bargaineering presents How Students Use Credit Cards.

• David presents Why low interest credit cards are not always the best option posted at Credit Card Offers IQ.

• Manshu presents Prepaid Cards: Pros and Cons posted at OneMint.

• The Smarter Wallet submitted a post called Help A Shopaholic Manage A Shopping Addiction.

Drawing Inspiration From Others

When struggling to overcome the setbacks that occur, runner’s draw inspiration from each other and the crowd. The mass of people all moving in one direction helps encourage them to stay on task.  Often times, strangers will run miles of the race together, while offering encouragement and support along the way.

In order to overcome out setbacks while getting out of debt, we must also take advantage of other people’s stories.  There is no reason to re-invent the wheel.  We can use each other’s successes and failures to learn and become inspired. Here are some personal stories to help you do just that:

• FMF presents Help a Reader: Repaying HUGE Student Loans posted at Free Money Finance.

• J. Money presents How Were Your Finances Looking 2 Years Ago? posted at Budgets are Sexy.

• Money $ Liberty submitted a post called I am (mostly) short-term debt free.

• Destroy Debt presents My Credit Limit Got Lowered Below My Outstanding Balance posted at Destroy Debt.

• LobotoME Blog submitted a post outlining their Spending Hiatus.

• Green Panda Treehouse submitted a post called April 2009: Progress Update.

• Savings not Shoes presents Networth is up up up! (or less down).

• Sue presents Saving for Something posted at Motherhood101Aplus.

Pulling Through The Last Few Miles

During the last few miles, runners start to really wear down.  They know the finish line is ahead, but still can’t quite see it.  Sometimes this exhaustion can open the door for a random event to completely derail the chances of finishing. Runners know to stay focused and not get distracted these last few crucial miles.

The process of getting out of debt can wear you down, too.  Sometimes years of hard work can be derailed by circumstances that sneak-up as we start to get sluggish.  Distressed mortgages, the possibility of bankruptcy, unforeseen taxes, increased student loan debt, and a plummeting nest egg can all kick you when you least expect it. Here are some articles on an assortment of topics that can stand between us and the finish line:

• Raj presents Contact Your Lender to Overcome the Mortgage Mess posted at DebtGoal.

• Jacqulyn presents Hope for Distressed Homeowers posted at Las Vegas Real Estate News.

• Madison presents Making Home Affordable Second Loan posted at My Dollar Plan.

• Ben presents Filing for Bankruptcy: Chapter 7 VS Chapter 13 posted at Money Smart Life.

• Art of the Coupon submitted a post called Debt Forgiveness and the Tax Bill.

• Finance Tips 101 presents How To Get An Athletic Scholarship.

• Wealth Pilgrim submitted a post called Is “GIVING” Your Ultimate Weapon for Wealth?.

• Nickel presents You Should Be Ashamed of Yourself: Debt Collection Via Embarrassment posted at fivecentnickel.com.

• Savings Toolbox presents How You Can Make Retirement the Best Time of Your Life.

• Christian Debt Help submitted a post called How to get a great return from your 401k in a recession.

• Kathryn presents Stimulus Plan Leads to Stimulus Scams posted at Out of Debt Christian.

You Finished!  CELEBRATION TIME!

Photos by: Paul Keleher (2), CogDogBlog, robertdx, The Ancient Brit,