Patrick has been only been on the journey to clean up his finances less than 2 years, but because of his tremendous progress he was recently interviewed by Chuck Bentley of Crown.Org.
Patrick did the hard and difficult things that he needed to do - it is easy to read all about how to manage money, but actually taking the steps to do it is another story.
He and his wife Heather were digging themselves into deep debt with credit cards and decided to roll all their debt into a home equity loan. Just like many others, after they consolidated their debt, things got worse. They had put a Band Aid on the symptom (the debt), but didn't properly address the root of the problem (their spending habits). As a result they just dug themselves into deeper debt by racking up another $25,000 in credit card debt.
* At this point they knew they needed help, but didn't know where to start.
* He started immersing himself in the subject he was trying to learn.
* He talked to his wife and they tackled the problem in unity.
* They locked up their credit cards and made it very difficult to use them. They stopped carrying them in their wallets.
* They used a virtual envelope budgeting system.
* They sold their house and began renting which allowed them to pay off their credit card debt a lot quicker.
They Fought For It!
Patrick and his wife didn't just want to get out of debt, they took action. Getting out of debt doesn't happen by accident. People who pay off $20,000 of debt do it because they want it SO bad and they make big sacrifices to get it.