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Most Americans are deep in debt. Recent college graduates have student loan debt, and plenty of Americans have credit card debt. Add in mortgages, second mortgages, private loans, car loans, and well, it’s not a pretty financial picture.
Recently, a new trend has emerged in the fight to pay off debt–blogging about it.
You may have heard of Joe Mihalic who wrote the blog, No More Harvard Debt. He had over $90,000 in student loan debt, and by blogging about it and holding himself accountable, he was able to pay off all that debt in a staggering 7 months! Once he accomplished his goal, he also got plenty of media attention, which didn’t hurt, either.
Kelli Space, who has $200,000 in student loan debts, took a different blogging approach. She started her blog, Two Hundred Thou, to solicit donations from strangers to help her pay down her debt. Sounds crazy? You think no one would give her money? Thus far she has raised $12,989 from strangers. Way to go, girl!
Whichever approach you take, blogging about your debt is a modern way to help yourself get out of debt. Part of why this type of blogging is becoming so common is because it is so easy. Simply set up a site with a hosting company like Intechnology, and then begin blogging.
While the bloggers may choose to remain anonymous (Mihalic blogged anonymously in the beginning), being open and honest is imperative. Part of Mihalic’s blog’s draw was that he gave the real amount he was in debt and hard figures about how much he paid off. If you want to keep some privacy and say you paid off “20% of your debt,” people probably won’t be as attracted to your blog.
Another important facet is that you are optimistic. No one wants to read a blog about how depressed you are over your debt. Focus on the positives and make impressive moves like putting your entire work bonus on your debt at Mihalic did, and people will cheer for you.
You’ll probably have your share of cynics, too, so it’s important that you are able to ignore those who seek to bring you down.
If you’re like millions of Americans drowning in debt, blogging about your experience may be the way to get out of debt once and for all. Along the way, you may make some extra money from the blog as Space did and garner media attention as Mihalic did. Not bad.