– The only way to get out of debt is to change the behaviors that got you into debt, and sacrifice to win.  Or win the lotto (not gonna happen!).  This has interesting implications for a number of questions I get regularly.

– No, I don’t recommend debt consolidation loans.  You’re not going to get out of debt by consolidation!  Your payment is smaller because you’re going to be in debt longer!  That means being in debt longer, more interest, and – the worst thing – you feeling like you did something because you were “smart” and consolidated, yet still not making any progress.

– You can transfer a debt to a zero-percent-interest card if you want, but that’s not going to get you out of debt.  I won’t deny it can save you some money, but it’s only effective if you are committed and intense about paying off debt.

– Let’s take an example: if you have $5000 of debt at 10% interest, the interest in one year would be $500.  If you pay it off at a regular schedule over the course of a year, you’ll pay half of that, $250.  $250 is nothing to sneeze at, but it doesn’t solve a $5000 problem, especially if you aren’t intentional about using that $250 to help you pay off the debt!  Don’t use 0% interest as an excuse to hang onto debt longer than you should!